Newmark has arranged the sale of 485 Arsenal St., a flagship medical office complex in Watertown, MA, situated just west of the Boston/Cambridge core. The property, a 52,847-square-foot multi-specialty facility, sold for $32,150,000. The asset is fully leased on a long-term basis to Atrius Health and serves as a widely recognized clinical hub within the Boston healthcare market.
The transaction involved the transfer of ownership from Boylston Properties and institutional investors advised by J.P. Morgan Asset Management to JLL Income Property Trust. Earlier in the month, Connect CRE reported JLL Income Property Trust’s acquisition of the property as part of its broader healthcare-focused portfolio activity.
A Newmark U.S. Capital Markets team led by co-head of U.S. Capital Markets Robert Griffin and senior managing director Michael Greeley, along with executive managing director Frank Nelson and managing director Blake McLaughlin, represented the selling ownership and also sourced the buyer. Additional support on the assignment was provided by Newmark U.S. Healthcare Capital Markets professionals Ben Appel, Jay Miele, John Nero and Justin Shepherd.
According to commentary from Greeley, 485 Arsenal St. is structured with a long-term, absolute-net lease to the parent company of Atrius Health. This lease profile is positioned as offering investors exposure to a long-standing, multi-specialty medical center within the Boston market. The property delivers a broad range of clinical specialties under one roof, reinforcing its role as a key healthcare destination for Atrius Health patients.
The complex benefits from its location within Arsenal Yards in Watertown, a live-work-play environment that integrates residential, retail and commercial uses. This setting is described as enhancing the property’s appeal for both patients and providers, given its proximity to amenities and its position near the Boston and Cambridge employment nodes.
In addition to its role on the investment sale, Newmark also advised Boylston Properties and the institutional investors advised by J.P. Morgan Asset Management on a long-term lease renewal with Atrius Health at the property. The lease extension further solidifies Atrius Health’s commitment to the site and extends income visibility for the new institutional ownership.
The trade of 485 Arsenal St. underscores ongoing investor interest in medical office assets with durable tenancy and net-lease structures in established healthcare markets. With a stabilized, fully leased asset and a long-term, absolute-net lease in place, the property aligns with institutional demand for income-focused, healthcare-oriented real estate in core Boston submarkets.
