MassDevelopment has acquired two buildings for $57.4 million at 5 and 6 Necco Court, which it will lease to General Electric as part of its new headquarters in Boston’s Fort Point.

In a related transaction, GE paid $25.6 million for a parcel at 244-284 A St., where it will construct a new 12-story office building.

General Electric will pay base rent of $1 a year for the first 20 years to occupy the Necco Court warehouses. The lease executed Wednesday with MassDevelopment gives the company two 10-year options to extend. If GE picks up the option, its payments would increase to 93 percent of the market rent, according to the lease.

Designed by Gensler’s Boston office, the project includes the construction of a new 295,000-square-foot office building overlooking Fort Point Channel and rehabilitation of the Necco Court buildings, along with new outdoor public areas and improvements to the Boston Harborwalk.

Also Friday, GE announced that it has chosen Boston-based Suffolk Construction Co. as construction manager for the project.

“We’re excited to partner with a local firm as well-known and respected as Suffolk on this important project,” said Ann R. Klee, vice president, Boston development and operations for GE, said in a statement. “We are confident in their ability to deliver.”