Tishman Speyer & Breakthrough Properties To Develop 2.5 acres of Fort Point Waterfront

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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Gillette Sells Final Fort Point 2.5 Acre Parcel

Dear FPNA & Neighbors,

Last Fall, we shared that we planned to sell a ~2.5-acre parcel of land in South Boston.  We finalized this real estate transaction this week and we wanted you to be among the first to know. 

We have sold the land to Tishman Speyer, an experienced real estate developer and their joint venture partner Breakthrough properties.   As you know, Tishman Speyer has created many thriving developments in the Greater Boston area including some just a few blocks from our campus in South Boston.  We admire Tishman’s commitment to developing properties that create enduring value for both occupants and local communities through vibrant, beautiful and environmentally sound planning. 

It’s important to note that this 2.5 acres of land is part of the 100-acre master plan, marking another step forward in bringing this important vision to life.  This is an opportunity to strengthen the growing Innovation District, bringing new jobs to the community and the local economy.  With this and other development in the neighborhood, we are excited about the potential ahead - transforming empty parking lots into commercial and residential buildings, jobs, new parks and community space and more, making our neighborhood even more dynamic and attractive in the future. 

Kara L. Buckley
Vice President of Global Grooming Communications & Community Affairs, P&G