P&G to sell off portion of Boston campus for $80M
Yet more lab space could come to the last stretch of Procter & Gamble parking lots adjacent to the Fort Point Channel between the Gillette campus and the General Electric Co. headquarters.
An affiliate of life-sciences real estate development company Breakthrough Properties is closing on an $80 million purchase of 2.5 acres at the longtime Gillette World Shaving Headquarters at 282 A St. in South Boston’s Fort Point neighborhood and is planning a development there.
Cincinnati-based Procter & Gamble (NYSE: PG), which owns Gillette, has already sold off a 6.5-acre portion of its campus adjacent to the 2.5 acres at 282 A St. to Related Beal. The real-estate development company is planning a 1.1 million-square-foot mixed-use project at the campus.
“We are pleased to welcome Tishman Speyer and Breakthrough Properties as an immediate neighbor,” said Gary Coombe, CEO of P&G Grooming, in a statement. “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.”
It’s not immediately clear how much new space Breakthrough Properties could develop at 282 A St., but the firm did say that “the rectangular-shaped development site is the final waterfront parcel to be developed as part of the city’s 100-Acre Master Plan … (which) has served as a blueprint for the gradual transformation of empty parking lots into a thriving innovation district.”
Breakthrough Properties is a joint venture of real estate company Tishman Speyer and Bellco Capital, a biotechnology-focused investment firm. Breakthrough launched in South Boston with “The 105,” a 263,500-square foot lab building at nearby 105 W. First St. in South Boston that’s leased to Cambridge biotech CRISPR Therapeutics. That lab is expected to open next year.
“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 in a statement. “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.”
Real estate brokerage JLL represented P&G in the sale.
P&G is Greater Cincinnati’s second-largest public company, with nearly $71 million in 2020 revenue, according to Business Courier research.