Boylston Properties and J.P. Morgan Complete Purchase of 615 Arsenal St. in Watertown for $96.25M
Boylston Properties, a Boston-based developer of mixed-use properties, and J.P. Morgan Global Alternatives announced today the acquisition of 615 Arsenal St. in Watertown, MA, a 126,460 sf, single-tenant Home Depot store, strategically located amidst Arsenal Yards, between 500 Forge and the rest of the retail, multi-family and life science components of the property.
Home Depot is a blue-chip, investment-grade-credit-rated retail tenant. Boylston Properties and institutional investors advised by J.P. Morgan Global Alternatives acquired the asset in the East End of Watertown, for $96.25M, under a joint venture agreement. Financed by Citizens Bank and Eastern Bank, the deal was brokered by Newmark on behalf of an affiliate of The Inland Real Estate Group of Companies, Inc.
“This is a logical investment that builds upon our commitment to lasting value creation at Arsenal Yards,” said Bill McQuillan, Founding Principal at Boylston Properties. “We look forward to deepening our relationship with Home Depot, and their long-term commitment to the East End of Watertown.”
Read the full press release
The Boston Globe: More life science companies are heading to Watertown
Five drug startups have signed leases to fill a building still under construction at the site of the old Arsenal Mall.
By Tim Logan, Globe Staff
In the latest sign that Watertown’s East End is becoming a magnet for life sciences companies, the first lab building to start construction there without any tenants will finish construction fully leased.
Boylston Properties, which is converting the old Arsenal Mall into a mixed-use complex known as Arsenal Yards, announced Wednesday that it has rented all of the space at 100 Forge — a nine-story, 165,600-square-foot building — to five venture capital-backed life science companies.
Read the full article from The Boston Globe
Boylston Properties Announces 100 Forge in Watertown is Now Fully Leased
Topping-off ceremony celebrated nine-story 165,595 sf building in the heart of Arsenal Yards, the future home to five life sciences companies
Watertown, MA – December 8, 2021 – Boylston Properties, a Boston-based developer of mixed-use destinations, today announced that 100 Forge, its 165,595 sf life sciences building in the heart of Arsenal Yards in Watertown, is fully leased. On November 9, the development, construction and new tenant teams celebrated with a “topping-off” ceremony – placing the last steel beam on the ninth floor of the future all-glass building. With access to abundant food, retail, entertainment, and green space amenities, as well as beautiful views of the Boston skyline and Charles River, 100 Forge will be the new home to five of the most innovative life sciences companies in the Greater Boston area.
With Arsenal Yards nearing the end of construction, life sciences companies are drawn to 100 Forge for its prime location within the 1M sf mixed-use campus, in order to recruit and retain the best talent to develop their science and further grow their companies. The following life sciences companies have signed leases, filling all of 100 Forge:
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- Abata Therapeutics – signing a 23,155-sf lease for floor 2 of 100 Forge, Abata is focused on translating the biology of regulatory T cells (Tregs) into transformational medicines for patients living with severe autoimmune and inflammatory diseases. Abata launched in 2021 with $95 million in Series A financing led by Third Rock Ventures and participation from a diverse syndicate of investors, including ElevateBio, Lightspeed Venture Partners, Invus, Samsara BioCapital, and the JDRF T1D Fund. Abata is moving to 100 Forge from Kendall Square in Cambridge.
- Remix Therapeutics – signing a 43,417-sf lease for floors 3 and 4 of 100 Forge, Remix is a biotechnology company developing small molecule therapies designed to reprogram RNA processing and address the underlying drivers of disease. Remix, launched in 2019, has raised a total of $81M. The most recent Series A financing was led by Foresite Capital with participation from seed investors Atlas Venture and The Column Group, as well as Arch Venture, Casdin Capital and Alexandria Venture Investments. Remix is moving to 100 Forge from Kendall Square in Cambridge.
- Curie Therapeutics – signing a 39,661-sf lease for floors 5 and 6 of 100 Forge, Curie is building the leading, fully integrated oncology company harnessing novel precision radiopharmaceuticals to treat solid cancer. Curie is a series A stage company with a seasoned team of investors and founders including Atlas Venture, RA Capital Management, and Access Biotechnology.
- Vigil Neuroscience – signing a 19,734-sf lease for floor 7 of 100 Forge, Vigil is harnessing the power of microglia for the potential treatment of neurodegenerative diseases. Vigil recently closed a $90 million Series B financing led by Vida Ventures with participation from existing investors Atlas Venture, Northpond Ventures and Hatteras Venture Partners as well as several new investors. Vigil is moving to 100 Forge from Kendall Square in Cambridge.
- Affini-T Therapeutics – signing a 39,628-sf lease for floors 8 and 9 of 100 Forge, Affini-T is a venture-backed biotechnology company committed to engineering T cell therapies intended to provide patients suffering from cancer with curative therapeutics. Affini-T is moving to 100 Forge from 343 Arsenal St. in Watertown.
Watertown Receives $3.4M MassWorks Award for Arsenal Street Improvements
Congratulations to Watertown for being awarded a $3.4 million MassWorks Infrastructure Program grant by Lt. Governor Karyn Polito. We were thrilled to host the Lt. Governor, as well as Undersecretary for Community Development Ashley Stolba, Representative Steven Owens, Watertown Town Council President Mark Sideris, Town Manager Michael Driscoll, and many additional town officials and local businesses yesterday at our new Hampton Inn & Suites by Hilton at Arsenal Yards.
This is Watertown’s first MassWorks award and it will fund Phase I of the Arsenal Street Corridor Improvement Project, which spans approximately 2,700 feet of Arsenal Street from Arsenal Court to Lower Greenough Boulevard. The project involves reconstruction, milling, and repaving of Arsenal Street, the addition of bike lanes, improved drainage, ADA-compliant sidewalks and wheelchair ramps, MBTA bus stops and shelters, new traffic control signals, new lighting, new landscape, and new pavement markings.
We are thrilled the State is recognizing the extraordinary growth along Arsenal St. as many are committed to continued investment in Watertown’s future.
Read the full release from the Governor’s office.