Procter & Gamble is looking to shake up its real estate footprint in Massachusetts including its 34-acre Gillette World Shaving Headquarters campus in South Boston, which has been increasingly surrounded by booming development activity.

The company notified employees today of its assessment of the South Boston property as well as its 150-acre Andover property. The Boston Herald first reported the news.

“This assessment is the first step in executing a plan to invest in new, world-class, high tech production facilities, a cutting-edge innovation center and more modern office space. This assessment will explore how to best locate and structure P&G Grooming operations across the South Boston and Andover sites to bring this ambitious vision to life – and will consider what’s best for the business, employees, and the community,” the company announced.

The move comes after Procter & Gamble sold 6.5 acres of Gillette parking lots on the South Boston campus to developer Related Beal for $218 million in May.

Another 1-acre parcel near the campus sold for $252 million in May, a reflection of Seaport District real estate’s potential to be redeveloped as high-end office, lab and residential space.

Spokeswoman Kara Buckley said the company has not yet sought to hire a brokerage, pending the outcome of the study.

“Under any scenario, we will maintain a meaningful presence in South Boston, which has been an important part of our heritage – and where we can benefit from, and enable, the strong business and innovation ecosystem that exists in the city today,” the company said in a statement.

The study will include outreach to local and state officials on “how changes to the South Boston site could yield advantages for the city, state and local community.”