Watertown, MA, September 17, 2025
News Summary
Home Depot, Inc. has purchased a significant portion of the property at 615 Arsenal St. in Watertown for $72 million. This site includes one of its retail stores while preserving development rights for a future lab building by Boylston Properties. The planned six-story lab facility, named 300 Forge, is still on track for development pending further approvals. Home Depot’s acquisition ensures long-term control of its retail location within the Arsenal Yards mixed-use development, attracting interest in the area.
Watertown, MA — Home Depot, Inc. has purchased a significant portion of the property at 615 Arsenal St. in Watertown for $72 million, acquiring the site that includes one of its retail stores while leaving other development rights on the parcel in place under existing approvals.
The transaction covers the parcel containing the Home Depot store at the Arsenal Yards mixed-use development. Boylston Properties continues to hold preliminary approval to develop a lab building on a separate corner of the same property, preserving plans for a six-story, 175,200-square-foot facility to be called 300 Forge. The lab site is located across the property’s parking lot from the Home Depot store.
Transaction details
The $72 million sale transfers ownership of the portion of the site that houses the operating Home Depot store. The broader property at 615 Arsenal St. remains part of the Arsenal Yards project, a larger mixed-use development. Boylston Properties and a unit of JPMorgan Chase initially purchased the overall site in 2022 for $96 million. Following the Home Depot purchase, Boylston retains control of development rights and preliminary approvals for the planned lab building on a separate parcel within the project footprint.
What the sale includes
- Acquired parcel: the portion of 615 Arsenal St. containing the Home Depot store.
- Purchase price: $72 million.
- Remaining site controls: Boylston Properties retains preliminary approval for a lab building on an adjacent corner of the property.
Lab development plans
Boylston Properties holds preliminary municipal approval to construct 300 Forge, a proposed six-story lab building totaling 175,200 square feet. The planned building is sited on a corner of the Arsenal Yards parcel, across the parking lot from the Home Depot location. Preliminary approval indicates local planning steps have advanced but does not mean construction has started; further permitting, financing, and leasing commitments will be required before breaking ground.
Project role and configuration
- Building name: 300 Forge (proposed).
- Height and size: Six stories, 175,200 sq ft.
- Location: Corner of Arsenal Yards parcel, across the parking area from Home Depot.
- Current status: Preliminary approval for lab development remains with Boylston Properties.
Context and market outlook
Arsenal Yards is a mixed-use redevelopment that has been positioned by Boylston Properties as a lower-cost alternative location for biotechnology and life-sciences tenants compared with high-demand clusters such as Kendall Square and the Seaport District. The strategy aims to attract organizations seeking space outside the traditional, higher-cost biotech submarkets.
Despite that positioning, demand for lab space has declined sharply across the market in recent years, affecting Boylston and other developers. Reduced leasing activity has slowed deliveries of new lab buildings, extended marketing timelines, and increased the importance of flexible financing and tenant commitments before construction. The preservation of preliminary approval for 300 Forge keeps the option to build available if market conditions improve or a tenant partnership is secured.
Financial and timeline considerations
- 2022 acquisition: Boylston Properties and a JPMorgan Chase unit purchased the site for $96 million.
- 2024–2025 position: Home Depot acquisition for $72 million transfers the retail parcel while Boylston retains lab development approvals.
- Development risk factors: leasing demand, construction financing, permitting milestones, and market absorption rates for lab space.
Implications for stakeholders
For Home Depot, the purchase secures long-term control of its retail site within a key local development hub. For Boylston Properties, retaining approval for 300 Forge preserves future development optionality in the life-sciences market. Municipal authorities and local stakeholders will continue to monitor permitting and traffic, parking, and infrastructure impacts if the lab building proceeds. Market observers will be watching for leasing commitments or financing announcements that would indicate whether 300 Forge will move from preliminary approval into active development.
FAQ
What did Home Depot buy?
Home Depot acquired the portion of the property at 615 Arsenal St. in Watertown that contains its retail store for $72 million.
Will the planned lab building still be built?
Boylston Properties retains preliminary approval for the proposed lab building named 300 Forge. That approval remains in place, but final construction depends on further permitting, financing, and leasing commitments.
How large is the proposed lab building?
The planned structure is a six-story building totaling 175,200 square feet.
What is Arsenal Yards?
Arsenal Yards is a mixed-use development in Watertown that includes retail, office, lab, and residential components. The site has been marketed as a lower-cost alternative for biotech tenants compared with Kendall Square and the Seaport District.
How has demand for lab space changed?
Demand for lab space has fallen significantly in recent years, slowing leasing activity and making new lab projects more dependent on pre-leasing and secure financing.
Quick reference table
| Item | Detail |
|---|---|
| Property address | 615 Arsenal St., Watertown, MA |
| Buyer (retail parcel) | Home Depot, Inc. |
| Purchase price | $72 million |
| Previous 2022 purchase | Boylston Properties and a unit of JPMorgan Chase paid $96 million |
| Planned lab building | 300 Forge |
| Planned size | 175,200 sq ft; six stories |
| Location of lab site | Corner of Arsenal Yards parcel, across parking lot from Home Depot |
| Approval status | Preliminary approval held by Boylston Properties |
| Development project | Arsenal Yards mixed-use development |
| Market context | Arsenal Yards marketed as lower-cost alternative to Kendall Square and Seaport; overall lab demand has declined |
Deeper Dive: News & Info About This Topic
HERE Resources
Additional Resources
- Connect CRE: Home Depot Acquires Watertown Store
- Wikipedia: Lab Space
- Bisnow: The 7 Biggest Stories of 2024 in Boston CRE
- Google Search: Boston Commercial Real Estate
- Connect CRE: Boston’s Empty Federal Offices
- Google Scholar: Boston Real Estate Market
- Connect CRE: Greater Boston Office Sale Activity Hits Three-Year High
- Encyclopedia Britannica: Boston
- Connect CRE: Berkeley Partners Recapitalizes Greater Boston Industrial Portfolio
- Google News: Boston Real Estate
Author: STAFF HERE BOSTON WRITER
BOSTON STAFF WRITER The BOSTON STAFF WRITER represents the experienced team at HEREBoston.com, your go-to source for actionable local news and information in Boston, Suffolk County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Boston Marathon, Head of the Charles Regatta, and Boston Harborfest. Our coverage extends to key organizations like the Greater Boston Chamber of Commerce and Associated Industries of Massachusetts, plus leading businesses in finance, biotech, and insurance that power the local economy such as Fidelity Investments, Biogen, and Liberty Mutual Insurance. As part of the broader HERE network, we provide comprehensive, credible insights into Massachusetts's dynamic landscape.
