Calare Properties Acquires 42,000-SF Industrial Condo at One Westinghouse Plaza in Boston's Hyde Park
Calare Properties has acquired Building K at One Westinghouse Plaza, a 42,000-square-foot industrial warehouse and flex condominium located in Boston's Hyde Park neighborhood, the Framingham, Massachusetts-based firm announced July 21, 2026.
The acquisition adds a mid-bay urban industrial asset to Calare's Greater Boston portfolio, with the firm citing the scarcity of comparable product in Boston's urban core as a central driver of the transaction. The purchase price was not disclosed.
Property Overview and Lease Profile
Building K sits within One Westinghouse Plaza, a 22-acre, 10-building industrial and mixed-use campus in Hyde Park with a manufacturing history dating to the early 1900s. The campus has evolved over the past 50 years to incorporate warehouse, manufacturing, retail, and residential uses.
The building is approximately seven miles from downtown Boston and offers direct access to Interstates 95/128, 93, and 90, as well as nearby commuter rail service and Logan International Airport. Physical specifications include 22-plus-foot clear ceiling heights, four drive-in doors, four interior loading docks, outside industrial storage, and abundant parking.
The property is nearly 50% leased to a single long-term tenant with more than eight years remaining on its lease, providing in-place cash flow at closing. Approximately 24,000 square feet remains available, which Calare is positioning as a leasing opportunity in a market where, the firm noted, quality industrial space is scarce.
Capital Improvement Plan and Value-Add Strategy
Calare said it is in the process of executing a capital improvement plan to modernize the property. The firm is pursuing a value-add investment strategy, combining the stability of an existing long-term tenancy with planned upgrades and lease-up of the vacant portion of the building.
"Quality industrial buildings of this scale are exceptionally rare in Boston, and that scarcity is exactly what drives our strategy," said Tim Collis, SVP at Calare. "Being part of an established, well-run campus gives us both immediate stability and long-term upside as we execute our planned capital program and long-term leasing strategy."
Boston Urban Industrial Market Context
Calare described Boston's urban industrial submarket as one of the tightest in the region, with demand rising and available supply continuing to shrink. The firm noted that much of the older industrial stock in inner Boston has been demolished over the past two decades to accommodate multifamily, retail, and office development, leaving few comparable buildings for tenants requiring this type of space.
Building K is one of 10 buildings within the Westinghouse Plaza campus, which the firm characterized as an established, well-run multi-tenant environment offering immediate operational stability alongside longer-term repositioning potential.
About Calare Properties
Calare Properties is a private real estate manager and operator focused on acquiring warehouse, manufacturing, research, retail, and flex and office commercial real estate. Since its founding in 2003, the firm has led the acquisition of more than 20 million square feet of properties representing $1.2 billion in transactions through funds, direct deals, and multi-asset portfolios.
The Hyde Park acquisition follows a pattern of urban and inner-ring industrial purchases by Calare in Greater Boston. The firm previously acquired 1 Technology Way, an 84,814-square-foot industrial building in Salem, Massachusetts, for $10,125,000 in February 2025. Calare also expanded its urban industrial holdings in Chelsea, Massachusetts, through an acquisition anchored by a long-term triple-net lease to Shore Educational Collaborative.
Building K represents another addition to Calare's cluster of urban industrial assets in supply-constrained Greater Boston submarkets, where the firm has targeted existing cash-flowing properties with vacancy available for lease-up at modernized rents.
Sources: Calare Properties press release