Fully Leased Watertown Lab Building Lands $119M Refinancing Package: The Boston Deal Sheet
The owner of a Watertown lab development is the latest to secure refinancing in a string of deals aimed at Class-A lab projects.
Boylston Properties secured $119M in refinancing for its 159K SF life sciences property at 500 Forge St. in Watertown, according to a press release. Landesbank Baden-Württemberg provided a $94M senior loan, and Tishman Speyer Properties issued a $25.2M mezzanine loan.
"Securing this refinancing in today’s challenging life science capital markets speaks to the strength of our asset, the caliber of our tenancy, and the long-term vision we share with our partners," Boylston Properties President Mark Deschenes said in a statement.
The property was redeveloped in 2023 into a 60% lab and 40% office building. It is fully leased to three tenants: Mariana Oncology, Orna Therapeutics and AvenCell Therapeutics.
Mariana Oncology, which is a subsidiary of Novartis, expanded its footprint across Boylston's Watertown life sciences campus, taking an additional 30K SF at 500 Forge in June.
The mezzanine loan was the first investment for Tishman Speyer through its debt platform, which it launched in July 2024. The platform is focused on commercial real estate lending in residential, industrial, life sciences, office and other mixed-use projects.
JLL Capital Markets' debt advisory team led by Brett Paulsrud, Henry Schaffer and Geoff Goldstein represented the borrower.
LEASES
Real estate developer Redgate moved and expanded its headquarters to BXP's 100 Federal St. in Boston's Financial District. The company grew its footprint 33% to 10K SF. The firm is moving from 265 Franklin St.
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Pickleball club PickleBos signed a 22K SF lease at Related Beal's Charlestown Labs Campus. The facility will be at 440 Rutherford Ave. The location will offer 10 pickleball courts, event space and dining options. Charlestown Labs is in Hood Business Park and encompasses three buildings. PickleBos is opening another location in South Boston this fall.
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Amazon signed a 237K SF lease at 800 Salem St. in Wilmington in the second quarter. The property is owned by Camber Development and Wheelock Street Capital. Camber bought the site for $35.2M in 2022 and secured a $57M construction loan for the project in 2024. The joint venture completed the building in October 2024.
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Fintech company TimePayment has relocated its national headquarters from Burlington, Massachusetts, to Cummings Properties' TradeCenter 128 in Woburn. The company will take up 6K SF. Cummings' Rob Yacobian and Lee & Associates Boston's Eric Solem worked on the deal. The office building has amenities including a fitness center, escape room, dry cleaner, salon, barber shop and multiple daycare centers.
FINANCING
BioMed closed a $1.3B refinancing package for its 1.3M SF University Park at the Massachusetts Institute of Technology campus in Cambridge. The debt was originated by JPMorgan Chase Bank, German American Capital Corp., Goldman Sachs and Société Générale. The loan matures in 2035. The loan will be used to pay an existing loan, with the remaining money for prepayment and extension of its ground lease, closing costs and upfront reserves.
CONSTRUCTION AND DEVELOPMENT
The Boston Planning Department approved three development projects consisting of 920K SF that would create 820 new housing units. Of those, 163 are designated income-restricted. Cooper Mill secured approval for its 754-unit 75 Morrisset Blvd. project in Dorchester. Other approvals include a 47-unit apartment development at 1444-1446 Dorchester Ave. in Dorchester and a 19-unit condominium project at 344-350 Washington St. in Brighton.
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City Realty Group submitted plans for a 96-room hotel at 393 Cambridge St. in Allston. The project would replace an auto parts store with a seven-story, 47K SF building. The property would also include 18 on-site parking spaces and four ride-share spaces for drop-off.
