General Electric announced yesterday it will purchase two buildings and a parking lot from Procter & Gamble to create a new headquarters on the 2.5-acre site at 5 and 6 Necco Way in the Seaport by 2018. In the meantime, GE has leased temporary space at 31-41 Farnsworth Street where the first of what will ultimately be about 800 Seaport employees are expected to start working this summer.

Less Arnold is a senior vice president with Compass Real Estate in Boston. She’s been selling real estate in the Seaport for over a decade and she called GE’s announcement, “big news.”

“Most of what’s built in the area is rental units,” Arnold said. “All of the existing loft buildings are going to benefit from GE moving in. Prices are going to go up. We’re already seeing strong resales at Channel Center. It will stretch up A Street to the west side of South Boston. It will impact the whole area.”

Arnold said that GE’s move will attract other businesses to the area which, in turn, will bring even more workers. Some of those people will want to live in the suburbs, but many will be like one of her current clients.

“I’m working with a GE couple who are looking for a place to live and want a 15-minute commute,” Arnold. “That means the South End and Seaport.”

Arnold is particularly pleased with GE’s move because, prior to their announcement, she bought a condominium in a newly developed, century-old building a stone’s throw from GE’s future headquarters.

“It’s bringing a young, active and upwardly mobile workforce to the area,” Arnold said.

“It’s going to be really good for Boston.”

“Going forward, GE plans to be an active part of the Boston community. We believe that Boston can capture future growth in important new innovation in the industrial internet and advanced manufacturing. In addition, the GE team plans to bring a spirit of volunteerism and generosity to community efforts,” GE Vice President Ann Klee said in a statement.

GE’s Investment In Fort Point Likely To Increase Demand For Seaport Condos

by Jim Morrison time to read: 1 min
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