By Catherine Carlock
Five years ago, amid a regional life-science laboratory boom, Gillette’s parent company shaved off a slice of parking lots directly next to its longtime World Shaving Headquarters in Fort Point, and sold it to a lab developer. Now P&G Gillette has bought the land back — for nearly $20 million more than its 2021 sales price.
Cincinnati-based consumer products giant Procter & Gamble, Gillette’s parent company, has re-purchased 232 A St. for $99.3 million and now plans to use the property as part of its $1 billion overhaul of the razor maker’s home campus.
Life-science real estate developer Breakthrough Properties bought the 2.4-acre swath of parking lots in 2021 for $80 million, and later secured city approval to build a 325,000-square-foot research and development lab and 1.2-acre waterfront park there. The 24 percent value swing in the past five years — a period where the region has grappled with a glut of lab vacancy — reflects both Gillette’s future development goals and the value that comes with city permits to build a 150-foot-tall commercial building there.
Now, instead of lab space, that building will serve as Gillette’s headquarters.
“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,” said Kara Buckley, vice president of community affairs for P&G Gillette, in a statement. “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.”
The Boston Planning and Development Agency board in 2024 approved Breakthrough’s proposed lab project, including 125 underground parking spaces and a public park facing Fort Point Channel.
As part of an effort to mitigate future flooding damage, Breakthrough committed to building a vegetated “resiliency berm” that would help manage stormwater and “serve as elevated flood protection from the Fort Point Channel … and contribute to flood protection in the immediate area and larger South Boston neighborhood.”
The new Gillette facility “will incorporate new green spaces, sidewalks, bike lanes and Harborwalk improvements,” according to a press release. Though the sale closed at the end of July, according to Breakthrough Properties spokesperson Bud Perrone, it does not yet appear to be recorded in Suffolk County property records.
“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,” said Jessica Hughes, the managing director for Tishman Speyer in Boston, in a statement.