**Home Depot Acquires Watertown Property on Site Approved for Lab Development**
Home Depot Inc. has acquired a significant portion of a Watertown, Massachusetts, property for $72 million. The property, located at 615 Arsenal Street, includes one of the company’s existing retail stores and is part of the Arsenal Yards mixed-use development. Despite the sale, Boylston Properties retains preliminary approval for a separate lab development on a portion of the site.
Boylston Properties, along with a JPMorgan Chase affiliate, originally purchased the property in 2022 for $96 million. The developer has outlined plans for a six-story, 175,200-square-foot lab facility named 300 Forge. This proposed development would be situated on a corner of the site, across the parking lot from the Home Depot store.
Arsenal Yards has been positioned as a more affordable biotech hub for companies seeking alternatives to locations like Kendall Square and the Seaport District. While the development had early success in attracting biotech tenants, demand across the sector has softened in recent years, reflecting broader market trends.
The combination of retail and potential life sciences space continues to reshape the landscape of this former industrial area, marking it as a key site in the ongoing evolution of greater Boston’s commercial real estate market.
