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former General Electric headquarters in Boston's Fort Point neighborhood has been sold for $57 million, a significant decline from its previous sale price. The 98,000-square-foot building at 33-41 Farnsworth Street was purchased by a Connecticut-based company tied to Starwood Property Trust.

    The seller, MLL Capital, had acquired the site in 2021 for $73.6 million, but the property's value has since dropped significantly. GE originally moved into the building in 2016 as part of its relocation to Boston, but the company never occupied a planned new headquarters and eventually shifted operations elsewhere.

    Following GE's exit, the Farnsworth Street building was converted into life sciences lab space, which has recently cooled down due to decreased tenant demand. The property is now one of many vacant lab buildings in Greater Boston, where the region is grappling with a sudden drop in demand.

    The building's most recent city-assessed value was $35.5 million, well below its 2021 sale price and the newly reported purchase price. The deal closed on Tuesday, but neither MLL Capital nor Starwood Property Trust commented on the transaction.