Boylston Properties and J.P. Morgan Global Alternatives have obtained a $150 million refinancing for 100 Forge, a life science asset totaling 165,600 square feet in Watertown, Mass. The Northwestern Mutual note will pay off the $100 million construction loan from Bank OZK, originated in 2021, according to CommercialEdge data. JLL Capital Markets brokered the deal on behalf of the partnership.
Open since January as the first purpose-built lab building in the city, 100 Forge is part of the life science campus of Arsenal Yards, a mixed-use destination totaling 1 million square feet, developed by Boylston Properties and The Wilder Cos. since 2017. The biotech complex also includes the 159,000-square-foot 500 Forge and the 108,000-square-foot 200 Arsenal Yards Blvd.
Situated on 16 acres at 100 Forge Road, the nine-story asset features 15,022- to 19,684-square-foot floorplates, conference rooms, a storage area, loading facilities, a bicycle lobby space and a chemical storage area with pH neutralization capabilities. The building has been fully leased since the end of 2021; its tenant roster includes Remix Therapeutics, Vigil Therapeutics, Abata Therapeutics, Mariana Oncology and Affini-T Therapeutics.
The property, located just north of Interstate 90, is 3 miles from Cambridge, Mass., 4 miles from Massachusetts Institute of Technology, 6 miles from downtown Boston and within 10 miles of Boston Logan International Airport.
JLL Senior Managing Director Brett Paulsrud and Senior Director Henry Schaffer made arrangements on behalf of the borrower.
A powerful life science market
Several major life science projects have been announced or are moving forward in Greater Boston. Earlier this month, Skanska announced plans for the development of a 398,000-square-foot research center for Simmons University, a $311 million project slated for delivery in September 2026.
In May, Greystar topped out a 465,000-square-foot life science building in Somerville, Mass.’ Assembly Square district. The company’s first ever project in the life sciences sector is coming online in the context of the $1.2 billion joint venture between Greystar and the Canada Pension Plan Investment Board.
In September 2022, Lendlease and Ivanhoé Cambridge commenced construction on a $500 million life science project situated in the heart of Boston Landing. Completion of the 350,000-square-foot building is expected in 2024.