Photo courtesy of JLL

Watertown’s LINX lab development received $94 million in permanent financing from a Paris-based lender.

Société Générale provided the five-year loan for the office-lab complex at 490 Arsenal Way.

The speculative project originally developed by Boston-based Boylston Properties was one of the first to establish East Watertown as an emerging life science cluster. Boylston Properties sold the property to Clarion Partners in 2018 for $158 million.

A former industrial building occupied by Verizon, the 490 Arsenal Way property was redeveloped as lab and office space and fully leased in 2018. Today the property is fully leased to C4 Therapeutics, Addgene and Tectonic Therapeutic.

“Despite the recent softening in the life sciences market, Watertown’s East End, where LINX is located, remains a key life sciences cluster,” JLL Executive Managing Director Riaz Cassum said in a statement. “Ongoing investment and redevelopment in the immediate vicinity by several major institutional investors validates this submarket’s presence on the national life sciences stage.”

Boylston Properties is proceeding with permitting for future life science development next to its Arsenal Yards property in Watertown.

The developer recently submitted plans for a new 175,000-square-foot lab building on a portion of the Home Depot property that it acquired in 2022 for $96 million.