Gillette plans nearly $1 billion Grooming Headquarters and Technical Innovation Center at 232 A Street
BOSTON —— Breakthrough Properties has completed the sale of its 2.4-acre development site at 232 A Street in South Boston’s Fort Point neighborhood to P&G Gillette, clearing the way for a planned nearly $1 billion investment in a new grooming headquarters and technical innovation center.
The property sold for $99,285,703, according to Breakthrough Properties. The transaction was facilitated by Jonathan Varholak of CBRE.
Gillette plans to develop a new research and development campus on the former surface parking lot, which has been part of the company’s South Boston operations for generations. Gillette has been based in Boston for nearly 125 years.
Breakthrough, a joint venture of Tishman Speyer and Bellco Capital, acquired the property in 2021 for $80 million. The company subsequently secured city approval for a 325,000-square-foot research and development campus, along with approximately 1.5 acres of enhanced public space, including a waterfront park along the Fort Point Channel.
“The sale of the fully approved 232 A Street development site to P&G Gillette underscores the enduring demand for best-in-class infill locations in the world’s leading innovation markets,” said Daniel D’Orazi, executive vice president and chief investment officer of Breakthrough Properties.
Gillette plans new South Boston campus
The planned Gillette facility will serve as a new Grooming Headquarters and Technical Innovation Center, bringing research and development capabilities to a location close to the company’s existing South Boston operations.
Kara Buckley, vice president of community affairs at P&G Gillette, said the company wanted its next campus to remain connected to the South Boston neighborhood.
“232 A Street is an ideal fit—honoring our heritage, providing the perfect space to build the cutting-edge capabilities we need for the future and positioning us at the heart of this special community for generations to come,” Buckley said.
The development plans include improvements to the surrounding public realm, including new green spaces, sidewalks, bike lanes and Harborwalk improvements.
The project follows development plans initially proposed by Breakthrough Properties and Tishman Speyer and subsequently approved by the City of Boston.
Continued development in Boston
Jessica Hughes, managing director at Tishman Speyer, said Gillette’s planned investment demonstrates continued interest in Boston as a location for innovation and economic development.
Breakthrough Properties has several other life sciences projects in the Boston area, including One Milestone, a recently completed life sciences development at the Harvard Enterprise Research Campus in Allston; The 105, a facility fully leased to CRISPR Therapeutics; and One Canal, a redeveloped laboratory and office building in East Cambridge.
Founded in 2019, Breakthrough Properties is a joint venture between Tishman Speyer and biotechnology investment firm Bellco Capital. The company develops and operates life sciences properties in major technology and innovation markets in the United States and Europe.
Breakthrough’s portfolio currently encompasses approximately 6 million square feet of properties in operation and in development across the U.S. and Europe.
The 232 A Street sale marks the next phase of a major South Boston waterfront redevelopment, with Gillette now set to advance its plans for a new research and innovation campus at the site.
