Boylston Properties has acquired properties within a multi-building campus at 30–44 Washington St. in Wellesley Lower Falls from longtime owner Haynes Management, which has been selling off many of its office properties across town. One Boylston founder called the property “a generational asset.”
Boylston announced the deal; Haynes rarely says anything public about its transactions. The price was not announced for this sale. Wellesley assesses some of the individual properties for well over $10m.
According to Boylston, the property spans more than 11 acres and includes a mix of office buildings and adjacent residential assets. Lots of parking, too.
“Boylston Properties plans to implement a series of enhancements focused on upgrading office building exteriors, interiors, and landscaping, with the goal of creating a cohesive, welcoming campus that serves existing tenants, new tenants and their client-facing businesses. Available leasing opportunities range from approximately 200 to 8,600 square feet, offering a flexible mix of suites for both established firms and growing teams,” according to the real estate developer.
This marks Boylston Properties’ entry into Wellesley; it has other developments nearby in Needham and Watertown.
This and other property in the area was recently a topic of discussion at a Wellesley Planning Board meeting that dove into a planned Lower Falls study. One point made was that key property owners in the area would need to be looped in before or after the study begins.
R.W. Holmes, a commercial real estate firm, said in its Q3 report from last year that “The 10+ acre site is prime for future redevelopment, but will require work with the city [sic] to determine what mixed-use opportunities will be considered.”
Haynes sold seven Wellesley office properties, including at 40 Grove St. and in Wellesley Hills, to Jumbo Capital in 2023 for an estimated $49m. Jumbo’s also looking to raze a Haynes property at 888 Worcester St., recently a temporary Wellesley Town Hall, to make way for senior housing.
Separately, National Development has announced the acquisition of 93 Worcester St. on behalf of a separate account it manages. This property includes office and lab space along Rte. 9 west and Rte 95.
The approximately 277,000-square-foot property, once known as Wellesley Gateway North, is being re-marketed as Wellesley Crossing (fun fact: the Terrazza condo complex on Linden Street was once referred to as that). The building, which went up in 2000 and has been renovated big time since, includes a cafeteria, gym, and lots of potential lab space. Current tenants include Aetna, AXA, Peak Financial Management and the American Heart Association.
A few years back, a developer attempted to turn 93 Worcester street into a life sciences hub, but that proved to be a bust when the market for such space went south. The property wound up being sold for $65m on the auction block; the town assesses the property now at $85m.
National Development has left its mark on Wellesley over the years, including with the Waterstone at Wellesley project in Lower Falls.
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