**Home Depot Acquires Watertown Store on Site Approved for Lab Development**
Home Depot Inc. has acquired a large portion of a property in Watertown, Massachusetts, for $72 million. The site, located at 615 Arsenal Street, includes an existing Home Depot store and is part of the larger Arsenal Yards mixed-use development. Despite the sale, Boylston Properties still holds preliminary approvals to develop a life sciences building on a separate portion of the property.
Originally purchased in 2022 by Boylston Properties and a JPMorgan Chase affiliate for $96 million, the property was intended to include a six-story, 175,200-square-foot lab building named “300 Forge.” The building is planned for a corner of the site, situated across the parking lot from the Home Depot store.
Boylston Properties has positioned Arsenal Yards as a cost-effective alternative to Kendall Square and the Seaport District for biotech firms seeking space outside of Boston’s high-priced core innovation hubs. However, as with many in the commercial real estate sector, the firm has experienced a slowdown in leasing demand over the past couple of years.
The transaction adds to Home Depot’s portfolio while leaving room for potential future lab development by Boylston Properties on adjacent land.
