BOSTON (AP) — General Electric is downsizing plans for its world headquarters in Boston.
The company announced Thursday it has reached an agreement with Massachusetts to sell its waterfront property, which is partly owned by the state.
GE says that following the sale, it will pay back $87 million to Massachusetts which was spent luring the company to move its headquarters from Connecticut.
The company, which has been shrinking dramatically in recent years, cited changes in its portfolio and operating model.
GE will keep its headquarters in Boston with about 250 workers and plans to lease space in two existing buildings that will be part of the sale. It will not go forward with previous plans to build a new office tower.
The company will also forego $25 million in property tax relief from Boston.