Alexandria Sells Watertown Mall to National Development
Newton-based National Development acquired the Watertown Mall for $100 million, closing the chapter on a potential life science redevelopment.
Newton-based National Development acquired the Watertown Mall for $100 million, closing the chapter on a potential life science redevelopment.
It’s looking like the answer to the question of what to do with a piece of real estate is no longer just “convert it to life science space,” at least for a few years.
Dozens of commercial developers have shifted their focus to lab projects amid the boom, others see overlooked opportunities in the industrial market’s R&D and flex space.
Kendall Square has seen achieved lab rents top $125 per square foot on a triple-net basis, leading tenants, landlords and investors to look to secondary clusters nearby.
State Street Corp.’s recent decision to sublease two of its four Quincy office buildings totaling nearly 390,000 square feet shakes up a suburban submarket that’s been the heart of the financial service provider’s back office presence in Massachusetts. Will new projects Dorchester draw away tenants?