Business News

Published on August 20th, 2015 |


Bloomberg: GE Co. may look to Buckhead tower for new headquarters

General Electric Co. is about to get even more serious about possibly relocating its headquarters to Atlanta.from Connecticut and may meet with New York-based Tishman Speyer, which is developing its 30-story Three Alliance Center tower in Buckhead, according to a Bloomberg report.

Tishman Speyer's Three Alliance Center, now under construction.

Tishman Speyer’s Three Alliance Center, now under construction.

The meeting with Tishman would come on the heels of talks GE held last month with Georgia economic development officials. The Atlanta Business Chronicle reporterd Aug. 7 those talks took place in late July in Fairfield, Conn., and involved GE’s committee investigating its options to relocate.

The 30-story tower — the only speculative building that size under construction in the city — is a natural option for GE if it considers Atlanta. The project is being pitched to GE by local economic development officials. Three Alliance Center could be finished by late 2016.

However, Tishman Speyer executives in Atlanta have not been contacted by the company, according to sources with knowledge of the matter.

The momentum for GE to relocate continues to build. Two months ago the move became a possibility after GE protested Connecticut lawmakers passing a tax package that included significant (and retroactive) tax increases for businesses.

The legislation prompted GE CEO Jeffrey Immelt to tell employees he’d formed the exploratory committee. Its goal would be to seek other states with a more “pro-business environment.” The maker of locomotives and oilfield equipment said two months ago that tax increases had made the state a tough place for business growth.

New York Gov. Andrew Cuomo is pushing General Electric to move its corporate headquarters to Westchester County, just outside of New York City, and he’s apparently offering tax incentives as motivation for such a move.

GE reportedly is considering other cities and isn’t close to an agreement.. Dallas is also among the markets under study, one of the source said. GE has been based in Connecticut since the 1970s.

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