Tishman Speyer Plans New Fort Point Lab Project Near Gillette Headquarters
Tishman Speyer filed a proposal for a new lab project on a site that was previously owned by shaving company Gillette.
The New York-based developer, along with its Breakthrough Properties joint venture, filed a letter of intent Monday with the Boston Planning & Development Agency to turn part of a parking lot at 232 A St. into a 455K SF mixed-use project that would include lab, office and retail space.
“We and our affiliate, Breakthrough Properties, are proud to play a continued role in the ongoing transformation of Fort Point into a thriving arts and innovation district," Tishman Speyer Managing Director Jessica Hughes said in a statement to Bisnow.
Tishman acquired the site from Gillette for $80M in 2021, according to public records. The shaving company used the site as a parking lot and staging area for delivery and operations for its shaving headquarters, which abuts the site.
Tishman also plans to create a 1-acre public park and recreation area on the site. The site would have 485K SF of additional redevelopment potential remaining after the project. The Boston Business Journal first reported Monday's filing.
The site falls under the BPDA's Fort Point planning district, a 100-acre plan to mitigate flooding in the area and protect residents and infrastructure.
Hughes said the firm plans to work closely with the city and stakeholders to "implement forward-looking measures" to make the neighborhood more resilient against climate change.
Tishman and Breakthrough are familiar with the Fort Point neighborhood, which has seen numerous life sciences developments in recent years.
In October, Breakthrough opened its 203K SF building branded 105 by Breakthrough on West First Street, a couple of blocks away from the new site. That property serves as the U.S. headquarters for CRISPR Therapeutics.
Breakthrough Properties was founded in 2019 as a joint venture of Tishman and Bellco Capital. The partnership has roughly 5M SF of lab projects across the U.S., the UK and the Netherlands.