Alexandria Sells Watertown Mall to National Development
Newton-based National Development acquired the Watertown Mall for $100 million, closing the chapter on a potential life science redevelopment.
Seller Alexandria Real Estate Equities, the nation’s largest life science landlord, had pursued a partial redevelopment of the property after acquiring the Arsenal Street shopping center in 2021.
A National Development executive told The Boston Globe the property will continue to operate as a shopping center and the firm plans to make improvements to signage and storefronts.
Alexandria bought the property in April 2021 for $130 million, when demand for life science space was spiraling upwards.
- In 2022, it submitted a redevelopment plan for three new office-lab buildings totaling 500,000 square feet.
- Two parking garages replacing surface parking were also part of the plan.
Author's summary: National Development acquired Watertown Mall.