General Electric CEO Jeff Immelt attends a ground-breaking ceremony for GE’s new headquarters, Monday, May 8, 2017, in Boston. (AP Photo/Michael Dwyer)
BOSTON (AP) — General Electric has broken ground on its new Boston headquarters, another step in the company’s digital transformation.
GE executives said at the ceremony Monday that it was attracted to Boston because it’s a hotbed of innovation with a deep talent pool.
Chief Executive Jeff Immelt says Boston is becoming one of the most important cities in the world and GE wants to be part of the renaissance.
The $200 million headquarters is being built in the city’s Seaport District, at the site of a former candy factory. Two older buildings are being refurbished, and a new 12-story tower is being built. Eventually, 800 GE employees will work at the site.
Massachusetts lured GE from Connecticut with the help of $120 million in state incentives and $25 million in city property tax relief.
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