King Street Properties has landed a $75 million construction loan for another advanced manufacturing facility on a Devens campus where it has already met with leasing success.
The Boston-based real estate firm closed on financing this week to build a 210,000-square-foot plant at its Pathway Devens development. The loan is from First Citizens Bank, the North Carolina lender that acquired the failed Silicon Valley Bank, as well as Berkshire Bank.
No company has yet signed a lease for the address. Few industrial developments are breaking ground without a tenant already lined up these days, in part because of all of the new supply that has hit the market in the past year or two that is taking longer to fill up.
When King Street set out to develop the campus in 2020, it did so with biomanufacturing in mind. But two of its three buildings so far have been leased to businesses in another industry on the rise in Massachusetts: clean energy.
The climatetech firm Electric Hydrogen took an 187,000-square-foot facility there, while battery technology maker Ascend Elements decided to move its headquarters from Westborough into a 101,000-square-foot Pathways Devens building. The other tenant on campus is biomanufacturing provider Azzur Group.
The 75 Jackson site is expected to be the largest on campus. King Street has approved for a fifth building that would feature 101,000 square feet of space. Late last year, Clinton’s Sterling Street Brewery agreed to anchor a retail and gathering space on the property.
“Devens has become a destination for the true drivers of the economy here in Massachusetts,” King Street managing director 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 75 Jackson building is expected to be complete in the third quarter of 2025.
From Greg Ryan at the Boston Business Journal