Newmark has arranged the sale of 485 Arsenal St., a flagship medical office complex in Watertown, MA, just west of Boston and Cambridge. The property sold for $32,150,000 and was acquired by JLL Income Property Trust from Boylston Properties and institutional investors advised by J.P. Morgan Asset Management. The transaction involves a fully leased, long-term medical facility that serves as a prominent multi-specialty center in the local healthcare landscape.
The 52,847-square-foot building is occupied on a long-term basis by Atrius Health under an absolute-net lease with its parent company. This structure places most operating responsibilities on the tenant and is designed to provide stable, predictable income to the new owner. The asset has operated as a long-standing facility for Atrius Health, offering a broad mix of clinical specialties in a single location.
The property is situated within Arsenal Yards in Watertown, a live-work-play environment that has evolved into a recognized destination. According to Newmark, the medical complex benefits from this setting, which supports patient access and complements the healthcare uses with nearby residential, retail and other amenities. The building is described as a widely recognized multi-specialty center within the broader Boston market.
A Newmark capital markets team led by Robert Griffin, co-head of U.S. Capital Markets, and senior managing director Michael Greeley represented the seller and procured the buyer. They were joined by executive managing director Frank Nelson and managing director Blake McLaughlin. Additional support came from Newmark U.S. Healthcare Capital Markets professionals Ben Appel, Jay Miele, John Nero and Justin Shepherd, who contributed to various aspects of the assignment.
In addition to overseeing the investment sale, Newmark also advised ownership on a long-term lease renewal with Atrius Health at the property. By extending Atrius Health’s commitment at 485 Arsenal St., the parties reinforced the asset’s role as a key multi-specialty hub within the region and supported continuity of care for the healthcare provider’s established patient base. The combined sale and lease renewal underscores the ongoing importance of purpose-built medical office space in core healthcare locations.
The transaction and lease extension align a stabilized healthcare tenant with a long-term institutional owner focused on income-oriented real estate. With Newmark coordinating both the disposition and the lease renewal, the deal brought together the seller group advised by J.P. Morgan Asset Management, longtime owner Boylston Properties, the incoming owner JLL Income Property Trust and the healthcare tenant Atrius Health in a single, coordinated capital markets and leasing execution.
