Spaulding & Slye Sells Somerville Parcels to Magellan Development for $155M Profit
June 03, 2022
$200M
Spaulding & Slye Investments has sold multiple properties in Somerville, MA for $200 million, coming on the heels of purchasing said parcels earlier in the day for $45 million - yielding a $155 million windfall profit.
Covering 3.34 acres, the parcels at 120, 160, 200, and 216 McGrath Highway were assembled by Spaulding & Slye and marketed as a whole. Meanwhile, S&S has been pursuing approvals from state and local officials and nearby residents for a major project to fill the space.
As described in the state's Environmental Notification Form, the project would consist of the construction of approximately 1,554,000 square feet of mixed uses across three buildings, including 589,000 square feet of office space, 746,000 square feet of lab space, a 300-key hotel, and as many as 1,000 parking spots. The space has been used mostly as a landing area for the Green Line Extension, a decades-in-the-making project finishing up completion nearby.
The buyer is Magellan Development Group, which is building the 15-acre USQ project in nearby Union Square.