BOSTON — The building in Boston’s Fort Point neighborhood that once served as General Electric’s temporary headquarters has been sold for just over $57 million, according to reporting from the Boston Business Journal.
The transaction marks a steep decline from its previous sale price and reflects broader challenges facing the region’s life sciences real estate market.
Located at 33-41 Farnsworth Street, the 98,000-square-foot building was purchased by a limited liability corporation tied to Connecticut-based Starwood Property Trust. The seller, Boston-based MLL Capital, had acquired the site for $73.6 million in 2021, city property records show, as reported by BBJ.
GE originally moved into the building in 2016 as part of its much-publicized relocation to Boston. However, the company’s tenure was short-lived. GE never moved into a new headquarters facility planned nearby and eventually shifted operations across Fort Point Channel before splitting into three separate public companies. Of those, only GE Vernova (NYSE: GEV), now based in Cambridge, remains in the area.
Following GE’s exit, the Farnsworth Street building was converted into life sciences lab space — a once-booming sector that has recently cooled significantly. The property is now one of many vacant lab buildings across Greater Boston, a region grappling with a sudden drop in tenant demand.
The building’s most recent city-assessed value was $35.5 million, well below both its 2021 sale price and the newly reported purchase price.
Neither MLL Capital nor Starwood Property Trust responded to requests for comment, according to the Boston Business Journal. The deal closed on Tuesday.
