$94M refinancing secured for Boston-area life sciences asset
JLL Capital Markets led the refinancing efforts for LINX, a Class A, fully leased facility in Watertown, Massachusetts
BOSTON, Sept. 30, 2024 – JLL Capital Markets announced today that it has arranged a $94 million refinancing for LINX, a 185,015-square-foot, Class A life sciences building in Watertown, Massachusetts.
JLL worked on behalf of the borrower, Clarion Partners, to secure the five-year loan through Société Générale, whose team was led by Tim Hallock, Managing Director.
Completed in 2018, LINX is a two-story property that is fully leased to three tenants, C4 Therapeutics, Addgene and Tectonic Therapeutic. On-site amenities include a grab and go café, indoor bike storage for 78 bicycles, 24/7 locker room with showers, an acre of green space, a bocce court and shuttle service to Harvard Square. The property is positioned within a 10-acre campus and is surrounded by walking and biking paths. In addition, the property features a two-story, 195-space parking garage with 12 electric car charging stations.
LINX is located at 490 Arsenal Way in Watertown’s East End life sciences cluster. The property is just steps away from Arsenal Yards, a mixed-use lifestyle redevelopment of the former Arsenal Mall, and is adjacent to the Target-anchored Watertown Mall. LINX has convenient access to downtown Boston, Logan Airport and the surrounding suburbs via the Massachusetts Turnpike/Interstate 90, just minutes from the property.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Executive Managing Director Riaz Cassum, Managing Director Amy Lousararian and Vice President Robyn King.
“Despite the recent softening in the life sciences market, Watertown’s East End, where LINX is located, remains a key life sciences cluster,” Cassum said. “Ongoing investment and redevelopment in the immediate vicinity by several major institutional investors validates this submarket’s presence on the national life sciences stage.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL’s newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Clarion Partners
Clarion Partners, LLC, has been a leading real estate investment manager for over 40 years. Headquartered in New York, the firm maintains strategically located offices across the United States and Europe. With $74 billion in total real estate and debt assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to approximately 500 institutional investors across the globe. Clarion Partners is an independent subsidiary of Franklin Templeton. More information about the firm is available at www.clarionpartners.com.