Workers assemble parts for a prototype reactor in Commonwealth Fusion's 117 Hospital Road headquarters in this undated handout photo. Photo courtesy of Pivotal Manufacturing Partners and Declaration Partners
Boston-based King Street Properties sold a Devens manufacturing building anchored by clean energy researchers Commonwealth Fusion Systems’ headquarters for $74 million.
The buyers are Pivotal Manufacturing Partners and Declaration Partners. Declaration Partners is a $2.2 billion advanced manufacturing real estate investment platform anchored by Carlisle Group co-founder David Rubenstein’s family office. Pivotal Manufacturing Partners invests in advanced manufacturing real estate.
King Street Properties and partner The Baupost Group developed the 165,000 square-foot facility at King Street’s 45-acre Pathways campus at Devens, seeking to attract more life science and research tenants. MIT spinoff Commonwealth Fusion leased the 117 Hospital Road R&D facility in March 2021.
The facility includes magnet manufacturing and CFS’ headquarters.
In December 2024, Commonwealth Fusion announced it will develop a fusion power plant in the James River Industrial Park outside Richmond, Virginia capable of generating 400 megawatts of electricity, providing enough capacity for approximately 150,000 homes.
Goldman Sachs provided $52.8 million in financing for this week’s acquisition, according to a Worcester County mortgage.
CFS has raised nearly $3 billion, including a recent $863 million fundraising round that supports commercialization of its technology.
“We are confident in the strategic value of this real estate – an asset benefiting from significant, market leading existing infrastructure and heavy power access,” Pivotal Manufacturing Partners Managing Partner David Robbins said in a statement. “As artificial intelligence and robotics continue to penetrate industrial supply chains driving new requirements for infrastructure, we are excited to own and operate this trophy real estate asset with specifications tailored to this next generation industrial renaissance.”
