Image courtesy of P&G GIllette and Payette

Gillette’s plans for a new $1 billion headquarters moved forward with its acquisition of a 2.4 acre parcel on Fort Point Channel in South Boston.

The razor manufacturer’s parent, Procter & Gamble, paid $99.3 million to acquire the 232 A St. property from Breakthrough Properties.

Breakthrough Properties is a joint venture of Tishman Speyer and Bellco Capital. It  bought the surface parking parcels from Gillette Co. parent Procter & Gamble in 2021 for $80 million, and received approval in 2024 for a 324,315 square-foot office-lab complex on the site.

Gillette’s new headquarters will be built under the terms of those approvals, spokesperson Kara Buckley said in an email.

The development plan approved in 2024 includes 1.5 acres of public open space on Fort Point Channel and flood protection systems designed to protect the area from rising sea levels.

“Gillette’s commitment – a major, long-term investment in Boston – is further testament to the city’s enduring appeal as a hub for innovation and economic development,” Tishman Speyer Managing Director Jessica Hughes said in a statement.

Gillette began planning for a new headquarters on a smaller footprint before the pandemic. It selected the Breakthrough Properties site last year and announced it would buy back the property, a former employee parking lot that it sold to Tishman Speyer in 2021 for $80 million.

The relocation of Gillette’s manufacturing to its 30-acre campus on Burtt Road in Andover enabled the company to reduce its headquarters’ footprint in Boston.

Gillette is proposing to redevelop its existing 31-acre headquarters property as a 5.7 million square-foot mixed-use development totaling 20 buildings. The project is under review by the Boston Planning Department.

Breakthrough Properties completed its first Boston project at 105 West First St., and is the developer of One Milestone, phase A of Harvard University’s Enterprise Research Campus in Allston.

Image courtesy of Breakthrough Properties