Gillette Repurchases Boston Parking Lots for $99.3 Million

Gillette has bought back parking lots in Boston's Fort Point neighborhood for nearly $20 million more than its original sale price in 2021. The parent company, Procter & Gamble (P&G), purchased the 2.4-acre property at 232 A St. for $99.3 million and plans to use it as part of a $1 billion overhaul of Gillette's home campus.

The property was originally sold to Breakthrough Properties in 2021 for $80 million, with plans to build a 325,000-square-foot research and development lab and a 1.2-acre waterfront park. However, instead of lab space, the building will now serve as Gillette's headquarters.

Gillette's vice president of community affairs, Kara Buckley, stated that the property is an 'ideal fit' for the company's future plans, allowing them to transform their operations and continue their commitment to the neighborhood.