General Electric (GE -3.2%) says it is scrapping plans for a 12-story headquarters office tower on Boston's waterfront, choosing instead to lease smaller buildings nearby.

GE plans to sell its waterfront property and pay back $87M to Massachusetts that was spent luring the company to move its headquarters from Connecticut.

GE says it will keep its headquarters in Boston with ~250 workers and lease space in two existing buildings that will be part of the sale.

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