The Boston Globe | By Jon Chesto
January 30, 2017
General Electric Co., it turns out, had one more deal to make before it could start building a new headquarters in South Boston’s Fort Point section.
Company officials said GE spent $1.5 million this month to secure a 6,800-square-foot parcel along the Fort Point Channel from Gillette’s parent company, Procter & Gamble, bringing the size of GE’s campus to 2.7 acres.
GE needs least at least half of its campus to be considered open space to obtain a state waterfront permit — the added ribbon of land along the channel was just enough to push it over the edge.
The expanded campus size emerged during a state Department of Environmental Protection hearing on Monday to discuss the company’s application for a license to build on filled tidelands. GE is developing the property with MassDevelopment, a quasi-public state agency.
GE and MassDevelopment acquired most of the land for the project from P&G last month, paying $83 million for nearly 2.5 acres. MassDevelopment will own all the open space as well as two old brick buildings on the site. GE, meanwhile, will own the 12-story structure that it plans to build during the next two years, as well as the land underneath it.