Announcement of Crystal Mall Acquisition

Electric Boat Acquires Crystal Mall in Waterford, CT, to Support Continued Expansion 
Builds on former-Macy’s Acquisition Announced in June 2025
Creates Southeastern Connecticut Hub to Accelerate Submarine Production

GROTON, Conn. (Oct. 23, 2025) – General Dynamics Electric Boat, a business unit of General Dynamics (NYSE: GD), today announced it has acquired the Crystal Mall in Waterford, Connecticut. This includes the entirety of the current property, excluding the former-Sears location. This addition to Electric Boat’s footprint follows its June acquisition of the former-Macy’s location in support of the company’s mandate to accelerate submarine production.

“We are delighted to announce our further expansion in Southeastern Connecticut,” said Mark Rayha, president of General Dynamics Electric Boat. “This space in Waterford offers us a unique opportunity in an attractive location to consolidate support functions and focus our waterfront footprint on efficiently delivering the submarines our nation needs.”

“Electric Boat is responsible for making the best and most high-tech submarines anywhere, and they are the reason why Connecticut is known as the Submarine Capital of the World,” said Connecticut Governor, Ned Lamont. “Today’s announcement further solidifies this company’s presence in Connecticut, cementing their future in our great state, and shows, once again, that Connecticut has the best and most talented workforce in the world.”

“This exciting expansion by Electric Boat supports the production of world class submarines for the U.S. Navy and ensures our state remains a leader in cutting-edge engineering and design for decades to come. I am proud to support this move for our highly skilled workers, our communities, and our national defense,” said Sen. Richard Blumenthal (D-Conn.).

“This is a huge win for Waterford and the entire state. Electric Boat has long been the backbone of Eastern Connecticut, and this expansion will allow the company to accelerate production to meet U.S. national security needs and create more high-quality jobs across the region,” said Sen. Chris Murphy  (D-Conn.). “I look forward to working with Electric Boat and its incredible workforce to ensure a smooth transition of this site in the heart of Waterford from mall to cutting-edge submarine facility. Connecticut’s unrivaled submarine manufacturing industry has long been a major point of pride, and this facility’s new engineering, training, and other capabilities will help bring our state’s leadership in defense manufacturing and national security to the next level.”

“Electric Boat’s acquisition of the entire Crystal Mall, along with other recent Southeastern Connecticut property expansions by our nation’s largest submarine builder, underscores the pivotal role our state plays in strengthening America’s national security,” said U.S. Rep. Joe Courtney (CT-02). “This new location is another example of Electric Boat positioning itself to meet the demands of the Navy and Congress’ long-term commitment to our submarine fleet.”

This transaction provides Electric Boat with space to expand its engineering, training and software development work in support of Columbia- and Virginia-class submarine production.

Between four- and five-thousand Electric Boat employees are expected to work at this location. Electric Boat will occupy 542 thousand square feet of space (including the former Macy’s; excluding the former Sears) on a 42-acre plot of land on Route 85 in Waterford. The location is approximately 5.5 miles from Electric Boat’s shipyard in Groton, Connecticut, near major transportation routes, making it an ideal location for Electric Boat’s employees. In addition, the location includes plenty of parking and easy access to local businesses.

Electric Boat will refurbish the location to provide space for a range of functions related to its submarine production and anticipates employees will start working there by the middle of 2027 at the earliest. Electric Boat will work with current tenants of the Crystal Mall on next steps.

“Today marks an exciting new chapter for Waterford and our region,” said Waterford First Selectman Rob Brule. “Electric Boat’s purchase of a significant portion of the former Crystal Mall property represents not just a transformative reuse of a key site, but a tremendous investment in our local economy and workforce. This project will bring thousands of good-paying jobs, strengthen southeastern Connecticut’s manufacturing base, and further solidify Waterford’s role as a vital partner in supporting our nation’s defense industry.”

Investing in National Defense and the Community

Electric Boat’s acquisition of the Crystal Mall property follows a series of real estate acquisitions over the past calendar year that are further enabling the company’s mandate to accelerate submarine production. In addition to supporting these infrastructure investments, a recent contract modification from the Navy allowed for significant employee wage enhancements designed to attract and retain employees.

The Connecticut Department of Economic Community Development (DECD) is also supporting the transition of this location from retail to an engineering and design-focused workspace.