Photo by Dan Watkins | Courtesy of JLL

A new lab building at Watertown’s Arsenal Yards was refinanced following a Novartis subsidiary’s lease bringing it to full occupancy.

The 162,000 square-foot 500 Forge building was developed by Boston-based Boylston Properties in a joint venture with J.P. Morgan Asset Management clients.

The refinancing package includes a $94 million senior loan from Landesbank Baden-Württemberg and a $25.2 million mezzanine loan from Tishman Speyer.

Completed in 2023, 500 Forge is leased to Mariana Oncology, Orna Therapeutics and AvenCell Therapeutics.

The new financing package will be used to retire the 2021 construction loan and pay leasing costs associated with the recent Mariana Oncology transaction.

The 3-story 500 Forge building includes office and lab space with balconies and 15-to-18-foot ceilings.

The loan is Tishman Speyer’s first through a new debt platform established in 2024. JLL Capital Markets arranged the loan.

Watertown Lab Project Gets Tenant, Permanent Financing

by Steve Adams time to read: 1 min
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