Gillette Buys South Boston Life Science Site for $99.29M

M&A · Partnership
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Summary · why it matters

P&G's Gillette has closed on the 232 A Street development in South Boston for $99.29 million, taking over the full site from Breakthrough Properties. Breakthrough paid $80 million for the property in 2021 and had won approval for a 325,000 square foot life science campus. Gillette, which has operated in Boston for almost 125 years, plans to invest close to $1 billion in the new headquarters and Technical Innovation Center. The transaction was facilitated by CBRE's Jonathan Varholak. The deal lands in one of four core markets that drove nearly 8 million square feet of life science absorption in the first quarter, a 44% increase from a year earlier, according to JLL.

Impact on stocks 3

Real Estate▲ · 2 stocks
Consumer Staples▲ · 1 stocks

Off-coverage companies 1

Breakthrough PropertiesPrivate▲ Positive
Capitalrelevance

Breakthrough Properties sells site for $99.29M, gaining from $80M purchase.

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