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LBBW, Tishman Speyer Close $119 Million Refinance of Fully Leased 500 Forge

The deal signals lenders’ preference for stabilized life-science space in Greater Boston.

In addition to housing a balanced mix of life sciences and office space, 500 Forge in Watertown features 15- to 18-foot ceiling heights, covered parking, and outdoor balconies. 

Overview

  • The capital stack includes a $94 million senior loan from Landesbank Baden-Württemberg and a $25.2 million mezzanine loan from Tishman Speyer.
  • Proceeds will retire the property’s 2021 construction financing and cover contractual costs tied to a new Mariana Oncology lease.
  • The 162,000-square-foot Class A lab and office building opened in 2023 at Arsenal Yards in East Watertown.
  • The building is now fully leased to Mariana Oncology, Orna Therapeutics and AvenCell Therapeutics.
  • JLL Capital Markets arranged the refinancing, and Tishman Speyer’s loan was reported as the first investment from its new credit platform.