Gillette sells 6.5 acres for a reported $218 million
Old parking lots along Fort Point Channel could soon be transformed after development firm Related Beal closed Tuesday on its purchase of a 6.5-acre parcel from Gillette parent Procter & Gamble.
No price was immediately available, but a source familiar with the deal said Related Beal paid $218 million for the site, which could accommodate more than 1 million square feet of building space under the area’s zoning guidelines.
The deal closed just days after another pair of heavyweight developers — Alexandria Real Estate Equities and National Development — paid $252 million to buy two General Electric buildings and a site permitted for a 12-story tower that was to be GE’s headquarters. Tech and life science companies are increasingly circling the area, just across Fort Point Channel from South Station. Zoning plans also call for more housing in the area.
Related Beal — the Boston arm of giant developer Related Cos. — beat out several deep-pocketed rivals for the site, which Gillette has long held as part of its World Shaving Headquarters campus. In a statement Tuesday, Related Beal said it hasn’t decided what it will do with the Gillette site, but plans to begin talking with neighborhood groups soon.
“We are excited to start conversations with the community about the future of this parcel and a plan that enhances Boston,” said Related Beal president Kimberly Sherman Stamler. “We believe this site offers a tremendous opportunity to create a diverse, mixed-use development close to public transit hubs, add to the environmental resiliency of Fort Point, and expand public waterfront access.”