GE (NYSE: GE) says it will move its corporate headquarters from Fairfield, Connecticut to Boston.
The company has been considering the location of its headquarters for three years, beginning a formal review of the issue in June 2015 by considering 40 potential locations. In a Jan. 13 press release, the company said Boston was selected “after a careful evaluation of the business ecosystem, talent, long-term costs, quality of life for employees, connections with the world, and proximity to other important company assets”.
The cost of the move will not financially impact GE, because Massachusetts and the city of Boston structured an incentive package that helps offset the costs associated with relocation. The company will also sell its offices at Rockefeller Plaza to further offset the cost of the move.
The move will also bring about a shift in focus for GE, with more emphasis being placed on innovation. GE will have about 800 people in Boston—200 corporate employees and 600 digital industrial product managers, designers and developers.
GE already had a significant presence in Massachusetts, with nearly 5,000 employees across the state in businesses including aviation, oil and gas, and energy management. In 2014, the company moved its Life Sciences headquarters to Marlborough, and in 2015 it announced its energy services startup Current would also be headquartered in Boston.
“We are excited to bring our headquarters to this dynamic and creative city,” said GE Chairman and CEO Jeff Immelt.
The headquarters will be located in the Seaport District of Boston. Employees will move to a temporary location in Boston starting in the summer of 2016, with a full move completed in several steps by 2018.