General Electric has unplugged plans to build a futuristic $200 million office tower in Boston’s Seaport District.

It’s preparing to sell the development site bordering Fort Point Channel as MassDevelopment markets two warehouses being converted into office space, which will serve as the struggling conglomerate’s global headquarters.

If the properties fetch more than $87.4 million – the state’s estimate of its costs to acquire and improve the Necco Court warehouses so far – GE and the state will split the rest of the proceeds.

MassDevelopment’s board of directors Thursday approved the plans to market the 2.7-acre site to developers.

GE had postponed plans to build the 12-story, 293,000-square-foot “vertical village” in August 2017, just three months after a ceremonial groundbreaking, amid worsening financial prospects.

As part of a public incentive package that lured GE from its longtime Fairfield, Connecticut home, MassDevelopment acquired the two vacant warehouses at 5 and 6 Necco Court for $57.4 million. GE paid $25.6 million to buy an adjacent parking lot at 244-284 A St. from Procter & Gamble for the new office building.

GE also will not seek a Boston property tax incentive valued at up to $25 million, The Boston Globe reported, as it plans to have 250 employees in Fort Point, well short of the original target of 800.

GE is leasing space on Farnsworth Street in Fort Point for a temporary headquarters pending completion of the Necco Court renovations.