Breakthrough Properties completes sale of 232 A St. development site to P&G Gillette

South Boston, MA Breakthrough Properties, a premier global life science real estate developer, has finalized the sale of its 232 A St. development site to P&G Gillette, following Gillette’s previously announced plans to establish its new Grooming Headquarters and Technical Innovation Center at the site.

Breakthrough, a joint venture of Tishman Speyer and Bellco Capital, originally acquired the 2.4-acre site in 2021 for $80 million and subsequently secured approval for a 325,000 s/f research and development campus with 1.5 acres of enhanced public realm, including a vibrant waterfront park on the Fort Point Channel.

Founded in the city approximately 125 years ago, Gillette plans to invest nearly $1 billion in a new Grooming Headquarters and Technical Innovation Center on the former surface parking lot. The real estate transaction had a purchase price of $99,285,703. The sale was facilitated by Jonathan Varholak of CBRE.

“The sale of the fully approved 232 A St. development site to P&G Gillette underscores the enduring demand for best-in-class infill locations in the world’s leading innovation markets,” said Breakthrough Properties executive vice president and chief investment officer Daniel D’Orazi. “We are proud of the thoughtful execution – from acquisition through design and entitlement – that positioned this prime waterfront site for its exciting next phase with P&G Gillette.” 

Tishman Speyer managing director Jessica Hughes said, “Gillette’s commitment – a major, long-term investment in Boston – is further testament to the city’s enduring appeal as a hub for innovation and economic development.”

“Gillette has been proud to call South Boston home for nearly 125 years, and this milestone marks an exciting step toward our future,” said Kara Buckley, vice president of community affairs, P&G Gillette. “As we planned for the next chapter of our longstanding campus, it was a priority to find a location that would allow us to transform our operations and continue our deep commitment to this neighborhood. 232 A St. 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.” 

In conjunction with the development plans proposed by Breakthrough and Tishman Speyer – and subsequently approved by the City of Boston – Gillette’s new research and development facility at 232 A St. will incorporate new green spaces, sidewalks, bike lanes and Harborwalk improvements.

Breakthrough’s Boston portfolio includes One Milestone, its recently completed life science environment at the new Harvard Enterprise Research Campus in Allston; The 105, a state-of-the-art facility fully leased to CRISPR Therapeutics; and One Canal, a redeveloped four-story lab and office building in East Cambridge.

One of the world’s most active life science real estate investment firms, Breakthrough’s current portfolio spans six million s/f of premier environments in operation and in the development pipeline across the United States and Europe.