Home Depot Inc. has paid $72 million to acquire a large portion of a Watertown, MA property that holds one of its stores, although Boylston Properties continues to have preliminary approval to put a lab building on part of the site. The Boston Business Journal reported that the site at 615 Arsenal St. is part of the Arsenal Yards mixed-use development. Boylston and a JPMorgan Chase unit had purchased the site in 2022 for $96 million.
The developer has planned a six-story, 175,200-square-foot lab building, named 300 Forge, for a corner of the property across the parking lot from Home Depot, reported the Business Journal. Boylston has found success in making Arsenal Yards a lower-cost alternative for biotech firms looking for a home outside Kendall Square and the Seaport District.
Like other developers, though, it has seen substantially less demand in the past couple of years.
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