Business

Watertown Mall Property Sold, Plans for Life Science Redevelopment Appears to be Over

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(UPDATED on Oct. 21, 2025 at 2:20 p.m.: The first version incorrectly noted that the whole 24 acres of the proposed project were sold. Only 550 Arsenal Street were sold). Plans to turn the Watertown Mall and other properties on the north side of Arsenal Street into a life science campus appear to be over after the owners of the property sold to a Newton-based development firm. The Boston Globe reported that Alexandria Real Estate sold the Watertown Mall property in Watertown, which is located at 550 Arsenal St., to National Development for $100.25 million.

Around Town

City Manager Talks About Life Science Sector, Federal Funding, Future of Watertown Square & More in His City Update

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Watertown City Manager George Proakis covered a variety of topics in his City Update on Tuesday. (Photo by Charlie Breitrose)

Watertown’s economic prospects remain promising, despite a downturn in life sciences and uncertainty in future funds from Washington, City Manager George Proakis said during his City Update at an event hosted by the Watertown Business Coalition on Tuesday. During the event at the Hampton Inn & Suites, he also spoke about the possible reuse of the former Police Station property, how the new Cultural District could help the local economy, and the redevelopment of Watertown Square. Life Science Sector

While the lab boom of the early 2020s has waned, Proakis said that the industry still remains solid. “We have 4 million square feet of lab space now, and while vacancies are currently high, indicators are the industry is still growing, with job growth outpacing layoffs, and I think that last thing that is the key is the industry built very aggressively in the lab field of the last couple of years,” Proakis said.

Around Town

LETTER: Is Watertown in Balance?

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By Linda ScottWatertown Resident

Are We in Balance? Balance: “An even distribution of weight, enabling someone or something to remain upright and steady.” Oxford Languages

I was reading a Watertown News article entitled: “Life Science Building Could Potentially Go on Part of the Home Depot Parking Lot” and the comments that ensued and felt the need to write. As usual, it got long! Balance in Bio Lab Development

First, thanks, Corey Dillon for the list of labs that are empty and/or underutilized at this time. May I add to your list with other lab spaces in Watertown?

Around Town

Life Science Building Could Potentially Go on Part of Home Depot Parking Lot

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A rendering of 300 Forge, a life science building that could go on part of the Home Depot Parking lot. (Courtesy of Boylston Properties)

A six-story life science building which would to be built on part of the parking lot behind the Home Depot in Watertown is in the planning stages. Boylston Properties, the developers of Arsenal Yards, submitted pre-application plans to the City of Watertown showing a six-story building with five levels of life science space and one story of parking. Plans were submitted to the Planning Department on Sept. 5.

Around Town

Join the Walk N Talk Focused on STEM and Life Science in Watertown

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The Linx Building in Watertown. See some of Watertown’s life science companies and take a walk around the bicycle and pedestrian paths around East Watertown during the STEM Walk N Talk. The event, co-sponsored by the Watertown Business Coalition and Live Well Watertown, will take place on Thursday, Aug. 29, at 10 a.m. at the Linx Building, 490 Arsenal Way in Watertown. Please meet at 9:45.

Business

Life Sciences Building in East Watertown Sold for $45 Million

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Elm Street PartnersA rendering of the new life science lab building built at 23 Elm St. A life science lab building in East Watertown off Arsenal Street has been sold for $45 million. The Triad Group announced the sale of “Elm Street Labs” in Watertown to Shannon Life Sciences. The building, located at 23 Elm Street, includes 74,670 sq. ft.

Schools

WHS Students, Local Life Science Professionals CoLAB-orate in After School Club

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Photo by Charlie BreitroseStudents at Watertown High School got to run hands-on lab analyses during the CoLAB Club. One of volunteers from life science companies, Bridget Kreger of C4 Therapeutics, second from left, and WHS chemistry teacher Liz Mundy look on as the students fill vials with samples. While most of the school was dark and quiet, students were busy in one science classroom at Watertown High School well after the final bell working on a science experiment. The students worked with volunteers from local life science companies as part of the CoLAB Club. The group meets once a month, and conducts simulations of real-world lab work using equipment similar to what the professionals use.

Around Town

LETTER: What Both Biotech Workers & High Schoolers Need — Housing

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In my role as a founder of CoLAB — a non-profit organization that connects Watertown students and biotech companies — I have had the unique opportunity to connect with two distinct groups, biotech business leaders and local high school students. For as many differences as there are between them, both groups share a primary concern: the housing crisis. For business leaders, it’s becoming more and more difficult to afford the costs associated with the housing crisis. For high school students, they face a future of deep uncertainty. Will they be able to remain in the city they love?