July 23, 2014 | Updated 12:00am

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Tuesday, July 15, 2014, 11:35am

Boylston Properties Acquires 480 C Arsenal St. For $13.5M

Boston-based developer Boylston Properties has acquired 480 C Arsenal St. for $13.5 million as it expands its development strategy in East Watertown.

The property was previously owned by San Francisco-based Prologis and contains a 100,000-square-foot industrial building. In May, Boylston Properties Principal William McQuillan said the property could be converted to a residential development, which would require a zoning change.

Watertown Planning Director Steven Magoon said officials have only had "very preliminary" discussions with Boylston Properties about the future of the property.

Boylston Properties is partnering with Athenahealth CEO Jonathan Bush and Wilder Cos. of Boston on redevelopment of multiple sites along Arsenal Street, hoping to create a new hub for tech companies while upgrading the local shopping and dining scene. The group purchased the Arsenal Mall last year and plans to reposition it with better tenants and more restaurants. They also acquired the Harvard Vanguard Medical Assoc. building at 485 Arsenal St. and the Golf Town retail parcel at 615 Arsenal St.

Boylston Properties also is developing a 148-room Marriott Residence Inn at the former Charles River Saab site, which it acquired in December.

Athenahealth, for its part, acquired the 760,000-square-foot Arsenal on the Charles office complex from Harvard University last summer for $168.5 million. The electronic health records manager plans to expand its Watertown workforce from 1,600 to 3,000 over the next decade. The company has proposed adding 150,000 square feet of office space to the 11-building campus as well as restaurants, performing art space and outdoor meeting space.

 

Editor's Note: This story has been updated since it was originally published to clarify which of the properties located at 480 Arsenal St. was sold.

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