fb-pixel Skip to main content

Procter & Gamble has sold off yet another slice of the parking lots at Gillette’s World Shaving Headquarters, this time to New York-based heavyweight developer Tishman Speyer.

Tishman and partners closed Tuesday on the $80 million purchase of 232 A Street, a 2.5-acre plot that P&G put up for sale last year. Detailed plans for the site were not immediately available, but marketing brochures suggested it could hold up to 500,000 square feet of lab space. Breakthrough Properties, a life science arm of Tishman and Bellco Capital, is already at work on a 266,000-square-foot life science building, fully leased to CRISPR Therapeutics, just up the street at 105 W 1st Street.

Advertisement



In a statement, Tishman CEO Rob Speyer said the firm looks “forward to working with the community on a project that makes the waterfront more accessible, enhances climate resiliency and fulfills the vision of the 100 Acres Master Plan,” which was approved by the city in 2007 to guide development in the area.

“The Fort Point neighborhood is a vibrant nexus of arts and innovation and we are grateful to P&G/Gillette for this opportunity,” he said.

For decades, even as neighboring Fort Point bloomed, Gillette and then Procter & Gamble held on to the parking lots and other little-used real estate around its South Boston headquarters. But in recent years the company has been selling them off in chunks, including flipping two little-used buildings on Necco Court to become GE’s world headquarters, and in 2019 selling 6.5 acres of A Street parking lots to Related Beal, which is currently planning more than 1 million square feet of housing and life science-oriented office space there.

“We are pleased to welcome Tishman Speyer and Breakthrough Properties as an immediate neighbour,” said Gary Coombe, CEO of P&G Grooming, in a statement. “Their development philosophy and expertise will undoubtedly strengthen our vibrant and innovative community in South Boston.”

Advertisement



The area, roughly from the Summer Street Bridge to the Broadway Red Line station, has become a hotbed of life science and office development in recent years, with several large projects in the works. The ones that line Fort Point Channel, as this would, have also been asked to help fortify the low-lying area against future sea level rise.

Any development plans for the site will need to be filed with the Boston Planning & Development Agency and undergo city review.


Tim Logan can be reached at timothy.logan@globe.com. Follow him on Twitter at @bytimlogan.