Boylston Properties, along with institutional investors advised by J.P. Morgan Asset Management, today announced the sale of 485 Arsenal Street, a 52,847-square-foot, single-tenant medical office property next to the Arsenal Yards campus in Watertown, to LaSalle Investment Management for $32,150,000. The property is 100% leased to United Healthcare Services, Inc., the parent company of Atrius Health and a subsidiary of UnitedHealth Group (NYSE: UNH), under a long-term, absolute-net lease extending through June 30, 2041.

Originally acquired and repositioned as part of the broader Arsenal Yards transformation, 485 Arsenal Street has served as a multi-specialty clinical hub for Atrius Health and its predecessors for over 40 years. The asset comprises two connected historic brick buildings totaling 52,847 square feet and includes 189 surface parking spaces on approximately 3.14 acres.

“This transaction represents the culmination of our strategy to create long-term value through thoughtful redevelopment, strong tenancy and institutional-quality execution,” said Mark Deschenes, President of Boylston Properties. “LaSalle is acquiring a mission-critical healthcare asset anchored by an investment-grade tenant in one of Greater Boston’s most resilient submarkets. We are grateful to Atrius Health for their continued presence in Watertown and to our capital partner, J.P. Morgan Asset Management, for their collaboration throughout the ownership period.”

Located adjacent to Arsenal Yards, Boylston Properties’ $1+ billion mixed-use redevelopment that has transformed the East End of Watertown, the property benefits from direct access to more than one million square feet of retail, residential, hospitality and life science uses. Arsenal Yards features over 50 retailers, 302 apartment units, a 146-key hotel and 400,000+ square feet of laboratory and office space, creating a dynamic live-work-play environment that supports Atrius Health’s physicians, staff and patients.

The Arsenal Street corridor continues to attract significant institutional capital due to its proximity to Kendall Square, Harvard University, MIT and Boston’s Longwood Medical Area, with billions of dollars in recent life science and mixed-use investment reinforcing the submarket’s long-term strength. Within this context, healthcare real estate remains one of the most stable and sought-after asset classes, particularly when anchored by credit tenancy and long-term lease commitments.

Newmark represented Boylston Properties and institutional investors advised by  J.P. Morgan Asset Management in the transaction.

About Boylston Properties
Boylston Properties is a Boston-based real estate developer focused on creating innovative mixed-use destinations that integrate work, life, retail, and community. Its portfolio includes residential, retail, office, hotel, and life science lab projects throughout Greater Boston and beyond.