Tishman Speyer and Breakthrough Properties today 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.
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