Home Depot Pays $72M for Watertown Property Holding One of Its Stores

Home Depot has paid $72 million to obtain ownership of a significant portion of a property in Watertown that holds one of its stores. A Connect CRE news report stated that the Watertown site at 615 Arsenal St. is part of the Arsenal Yards mixed-use development. Boylston Properties and a unit of JPMorgan Chase initially purchased the site for $96 million in 2022.

The Boston Business Journal reported that the property's developer had submitted plans to construct a six-story, 175,200-square-foot lab building, 300 Forge, on a corner parcel across the parking lot from Home Depot. Boylston has preliminary approval to put the lab building on the property.

According to Connect CRE, Boylston has successfully marketed Arsenal Yards as a lower-cost alternative for biotech firms seeking lab space outside Kendall Square and Boston's Seaport District.

As with other developers, Boylston has also experienced significantly less demand from biotech firms interested in developing the company's property holdings.