Watertown Mall Gets a New Lease on Life

The Watertown Mall is staying put for now. National Development, a Newton-based company, recently bought the mall for $100.25 million. This comes after Alexandria Real Estate Equities, a California-based firm, purchased the 24.5-acre property in 2021 for $130 million. Alexandria had big plans to turn the mall into a mix of labs, shops, offices, and other spaces. But those plans never got off the ground.

Mall to Continue Operating as Usual

National Development's Chief Investment Officer, Andrew Gallinaro, shared that the mall will keep operating as usual. He said the mall is in a great spot and is doing well, with 96% of its space already rented out. Gallinaro also mentioned that they plan to spruce up the storefronts and signs to make the mall even better.

Big Names and Bright Future

The Watertown Mall is home to big names like Target, Best Buy, and the Registry of Motor Vehicles, along with other smaller shops. National Development has a track record of developing over 30 million square feet of property in the Greater Boston area and beyond. So, it seems the mall is in good hands for the time being.

A New Lease on Life

It's interesting to see how the plans for the mall have changed over the years. From being on the chopping block to getting a fresh new look, the Watertown Mall's future is looking brighter. It's a reminder that even old malls can get a new lease on life with the right investment and vision.