BOSTON (CBS) – General Electric is moving its corporate headquarters to the Seaport District in Boston.

In an announcement Wednesday afternoon, GE Chairman and CEO Jeff Immelt said they’re “excited to bring our headquarters to this dynamic and creative city.”

“We want to be at the center of an ecosystem that shares our aspirations. Greater Boston is home to 55 colleges and universities. Massachusetts spends more on research & development than any other region in the world, and Boston attracts a diverse, technologically-fluent workforce focused on solving challenges for the world,” Immelt said in a statement.

According to The Boston Globe, which first reported the move, GE executives called Massachusetts Governor Charlie Baker and Mayor Marty Walsh Wednesday to let them know a formal announcement will come Thursday.

Immelt said Boston beat out 39 other cities.

“Boston was selected after a careful evaluation of the business ecosystem, talent, long-term costs, quality of life for employees, connections with the world and proximity to other important company assets,” the CEO said.

Shortly after the announcement, Mayor Walsh compared the move to a Powerball win. “For two decades we’ve had companies move out of our city and now we have people moving into our city and I think that’s a big win,” Mayor Marty Walsh said.

“The big message here is this is a great place, not be for the next two years or the next five years, but for the next 50 years,” Governor Charlie Baker said.

General Electric has been based in Fairfield, Connecticut for 42 years, but it started looking for a new location last year after the state increased business taxes, the Connecticut Post reported.

“GE will sell its offices in Fairfield and at 30 Rockefeller Plaza in New York City to further offset the cost of the move,” Immelt said.

“Employees will move to a temporary location in Boston starting in the summer of 2016, with a full move completed in several steps by 2018. GE will host a public briefing in Boston with government officials, and business and community leaders, on February 18, 2016.”

GE will employ roughly 800 people at its Boston headquarters.

General Electric is currently the eighth largest corporation in the U.S., in terms of total revenue, according to the Fortune 500.

WBZ NewsRadio 1030’s Carl Stevens reports

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