THE WHAT? Procter & Gamble is said to have hired a broker to market a 2.5 acre site which is currently used as a parking lot serving Gillette’s World Shaving Headquarters in Fort Point, according to a report published by the Boston Globe.
THE DETAILS While the site is yet to be listed for sale, it’s anticipated that a deal will be struck by early next year. The US FMCG giant sold an adjacent plot spanning 6.5 acres for US$218 million last year.
THE WHY? The area in question is part of a wider redevelopment strategy, named the 100 Acres Plan, says Boston Globe, which has upped the value of land. “It made sense to act now given the development happening in the area at this time,” P&G spokesperson Kara Buckley told Boston Globe.