GE Lighting sells the historic Nela Park

A real estate company, Phoenix Investors, recently announced that it has reached a final acquisition agreement with the owner of GE Lighting; the company's subsidiary will acquire the historic Nela Park in Cleveland, Ohio, USA.

In 2020, General Electric Company (GE) sold its GE Lighting division located in Cleveland to smart home technology company Savant Systems Inc. As part of the transaction, Savant acquired ownership of Nela Park and has been seeking additional tenants since summer 2020.

Another company in the park, GE Current, a Daintree company

According to inquiries, due to its reputation as a leading innovator in electronic lighting R&D and university campus environments, Nela Park has the reputation of being the 'University of Light' and has long been the pinnacle of North American lighting education facilities. Built in 1913 and named after the National Electric Lamp Association (NELA), on whose foundation it was developed, it is considered the world's first industrial park, covering over 90 acres with industrial spaces, office spaces, and amenities such as cafeterias, fitness centers, and outdoor recreation areas. It was listed on the National Register of Historic Places in 1975, when 2,800 people worked in the park. Today, GE Lighting is one of the few companies that still holds a significant presence in this vast property.

Reports indicate that both parties will also sign a long-term lease, and GE Lighting will continue to operate within the park. It is reported that currently, GE Lighting employs approximately 700 staff members, with about 250 working at Nela Park. The beloved holiday lighting tradition of Nela Park will also continue.

A GE Lighting spokesperson stated that the transaction is expected to be completed by the end of March.

On the same day, GE Lighting also announced plans to close its two factories in Ohio—the Bucyrus and Logan plants. The company stated that both facilities produce linear fluorescent lamps and halogen light bulbs, whose demand has dropped sharply.