BOSTON –Tishman Speyer and Breakthrough Properties announced the acquisition of a 2.5 acre development site in South Boston’s thriving Fort Point waterfront district.
An affiliate of Breakthrough Properties acquired the site, which is bounded by A Street, Binford Street, the Fort Point Channel and Gillette’s manufacturing campus along the South Boston waterfront, from P&G/Gillette. Breakthrough Properties is a joint venture formed by Tishman Speyer and biotechnology investment firm Bellco Capital. JLL represented P&G in the sale.
The rectangular-shaped development site is the final waterfront parcel to be developed as part of the city’s 100-Acre Master Plan, which was adopted in 2007 after a comprehensive community planning process. That master plan has served as a blueprint for the gradual transformation of empty parking lots into a thriving innovation district.
“The Fort Point neighborhood is a vibrant nexus of arts and innovation and we are grateful to P&G/Gillette for this opportunity,” said Tishman Speyer President and CEO Rob Speyer. “We look 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.”
“We are pleased to welcome Tishman Speyer and Breakthrough Properties as an immediate neighbour,” said Gary Coombe, CEO of P&G Grooming. “Both groups are well-respected developers with deep experience in Boston and in our Fort Point neighbourhood. We admire their commitment to fostering innovation and developing properties that create enduring value for both occupants and local communities through attractive and environmentally sound planning. Their development philosophy and expertise will undoubtedly strengthen our vibrant and innovative community in South Boston.”
Tishman Speyer is a global real estate developer, owner, operator and investor with a 25-year track record in Boston. The firm maintains a strong local presence in the Seaport, including its ownership of One Channel Center and the Channel Center Garage, as well as its development of the mixed use Pier 4. In 2019, Tishman Speyer was selected by the Harvard Allston Land Company to serve as its development partner for the Enterprise Research Campus in Allston, a mixed-use community that will consist of lab, residential, hotel, innovation space and significant improvements to the public realm.
Breakthrough Properties is a life science real estate development company that leverages cross-sector collaboration to deliver environments that foster innovation and scientific breakthroughs. The firm is currently developing “The 105” at 105 West First Street, just blocks away from the development site. The 263,500 square foot laboratory building, which is slated for completion in 2022, is already fully leased to CRISPR Therapeutics.
