Earlier this month, General Electric Co.
announced that it will be relocating their worldwide headquarters
to the city of Boston by 2018. This movement will include
roughly800 employees and will come in multiple phases over the next
two years.
The first phase will be beginthis summer as GE has announced the
location of its temporary headquarters at 33-41 Farnsworth Street
in Bostons Fort Point neighborhood. Fort Point, which was formerly
occupied by warehouses and manufacturing firms, has undergone major
transformation over the years to that of a trendy technology
destination. It has yet to be confirmed, but the Seaport District
was rumored to be the final location of GEs worldwide headquarters
with its temporary holding place a mere walk away.
Bullhorn, a software technology company, is the existing tenant
to reside at this location. Their CEO, Art Papas, has stated that
GE will be taking over the remainder of Bullhorns lease as of April
of this year. Bullhorn is a fast-growing company that already
secured plans to move their headquarters to Summer Street in the
Financial District.
The deal over GEs lease was not a typical transaction as GE
directly approached the landlord to release Bullhorn from any
obligations to the office and to take it over themselves instead of
pursuing a sublease with Bullhorn. The contract was finalized on
Friday for the temporary location and the details of the lease
include 45,000 SF for $40 per SF until September 2018 when they
plan to move to their official headquarters. It has not been
confirmed whether GE plans on leasing additional space in the
building or how long the move-in will take, but questions regarding
the move will be answered at GEs public briefing on February
18th.