King Street Properties Lands $75M Construction Loan For Devens Industrial Project
King Street Properties secured financing to develop a new building at its Devens industrial campus.
The life sciences developer obtained a construction loan from First Citizens Bank and Berkshire Bank for a 210K SF advanced manufacturing building at 75 Jackson Road at its Pathway Devens campus, it announced Thursday. Its release didn't disclose the size of the loan, but public deed records show it was $74.8M.
“Devens has become a destination for the true drivers of the economy here in Massachusetts," King Street Managing Director and partner Tyson Reynoso said in a statement. "The confidence in this market, the growth of the advanced manufacturing sector and the demand for GMP space are all reasons we are able to secure a loan for this project.”
The project team for the new building includes BW Kennedy, Vivo Architecture and Highpoint Engineering.
The building marks the fourth development on the 45-acre, 700K SF campus that sits 30 miles outside of Boston. The firm is nearing completion on site prep work for the new building and plans to begin construction shortly.
King Street said it hopes to complete construction by the third quarter of 2025.
The Devens campus has already seen strong activity at its other buildings.
In September, EV battery supplier Ascend Elements signed a 100K SF lease to expand and move its headquarters to 39 Jackson Road at the campus. In May 2023, clean energy startup Electric Hydrogen signed a 187K SF lease at 33 Jackson Road.
The first lease King Street landed came from the Azzur Group, which took over 103K SF at 45 Jackson Road, the Boston Business Journal reported in May 2022.
