“We loved being on the water overlooking Boston. We loved the warehouses and the industrial feel of it.” That’s what one GE executive said about Fort Point, soon-to-be the site of the company’s new headquarters location. As one of America’s largest corporations, GE is showing the rest of the world that your real estate impacts who you are as a company, and they’re using not only Boston as a lever to evolve their organization, but specifically Fort Point. Industrial is no longer just about making things physically, it’s about creating ideas and Fort Point is really the center of that.
Much like GE, suitors all across the city, and the country for that matter, are eyeing this historic neighborhood. Everybody wants to understand it and look at it to see what’s happening, including our colleagues in other markets. Fort Point is being mentioned and considered in the same conversation as areas like South of Market in San Francisco, Midtown South in NY, and Kendall Square right here in Cambridge. The top talent wants to work in these neighborhoods and companies want to be there to give them that opportunity.
It hasn’t always been this way. Over the last several years, Fort Point has become a bona fide destination as opposed to a market tenants got priced into. That shift has primarily been driven by the influx of new residential, retail and restaurants like Blue Dragon, Sportello, Coppersmith and more. It helps that Fort Point has a distinct neighborhood feel, which has further spurred this growth organically.
It also doesn’t hurt that Fort Point is a stone’s throw away from the booming Seaport District. While some might say they’re two separate neighborhoods, they’re really just two very different parts of one neighborhood. It’s unlikely GE would have moved into Fort Point if not for the new construction and development in the Seaport, as the energy from each unquestionably influences the other.
With its strong underlying artist culture, Fort Point is no longer just for creative companies. As large corporations like GE try to become more creative, this is the place to do it. The brick and beam buildings in this market cater to more open, collaborative spaces, which are now being demanded by companies of all types and sizes. A few properties in the area that are perfect examples of this include:
TIAA’s Fort Point Portfolio
25 Thompson Place
9 Channel Center
All of these buildings embody exactly what the demand is looking for in Fort Point. They have outdoor space, the right retail, and a mix of corporate users who are forward thinking as well as some of the newest innovative companies. These properties also line some of the area’s premier streets which connect the newer Seaport to the thriving Fort Point neighborhood.
As far as this area has come already, there’s still a lot of improvement in the works, and we expect there to be even more exciting new additions moving forward. For more information or if you have questions about Fort Point, please don’t hesitate to contact me.