National Development has acquired 93 Worcester St., a Class A office and life science property in Wellesley, MA, on behalf of a separate account it manages. The property sits at the intersection of Route 9 and Interstate 95/Route 128, a well-known corridor for corporate and institutional users in the western suburbs. Deal terms were not disclosed by the parties.
The building, which will be reintroduced to the market as Wellesley Crossing, totals approximately 277,000 square feet. Originally completed in 2000, the asset has seen a substantial capital investment since delivery, with nearly $40 million in improvements undertaken over time. These upgrades position the property as a modern, institutional-quality option in a competitive suburban office and life science cluster.
Existing tenants at the property include Aetna, AXA, Peak Financial Management and the American Heart Association, reflecting a mix of healthcare, financial services and nonprofit users. The tenancy underscores the asset’s appeal to established organizations seeking high-quality space with access to major regional thoroughfares. No changes to the tenant lineup were detailed as part of the acquisition announcement.
Following the transaction, National Development will lead both asset and property management for Wellesley Crossing as it brings the repositioned property back to the market. The firm describes 93 Worcester St. as a longstanding cornerstone along the Route 128 corridor and intends to align the asset with evolving tenant preferences.
According to Maura Moffatt, senior vice president of asset management at National Development, the strategy is to tailor Wellesley Crossing to tenants prioritizing high-quality, amenity-rich environments outside the urban core. The repositioning is aimed at capturing demand from occupiers that value modern space and strong regional connectivity while remaining in a suburban setting.
