JLL Income Property Trust, Inc. (JLL Trust) has acquired West Boston Medical Center for a purchase price of approximately $32 million. The deal was announced in a March 3 press release from JLL Trust.
West Boston Medical Center is a medical outpatient complex located in the Greater Boston suburb of Watertown, Massachusetts. The property totals approximately 53,000 square feet and is 100% leased to a single tenant, a leading regional healthcare provider, with a newly executed 15-year lease with 2.8% average annual rent escalations. The complex offers a full range of clinical specialties including internal medicine, pediatrics, OB/GYN, pharmacy, radiology, physical therapy and dermatology. The price is $603.77 per square foot.
JLL Trust is a daily net asset value REIT that owns and manages a diversified portfolio of income-producing residential, industrial, grocery-anchored retail, healthcare, office and debt investments.
Healthcare real estate is one of JLL Trust’s high conviction property sectors. Healthcare real estate has been a mainstay in the JLL Trust portfolio since its inception in 2012. As of December 31, 2025, healthcare investments comprised 10% of the total $6.9 billion portfolio, with $647 million in assets across 25 healthcare properties.
“West Boston Medical Center is an attractive addition to our healthcare portfolio,” said Allan Swaringen, President and CEO of JLL Income Property Trust. “This submarket is driven by consistent demand and impressive tenant rosters, emanating from Boston’s academic center and status as a globally significant region for life sciences and technology.
“We have been witnessing a growing transition in healthcare delivery, favoring outpatient facilities over traditional hospital settings. The combination of demand drivers and a more favorable transaction environment has created what we believe is an attractive opportunity for the sector, and this acquisition aligns perfectly with our strategy of acquiring high-quality medical outpatient properties in target markets.”
According to data captured in the LevinPro HC database, this deal marks the 51st MOB transaction of the year, and the second in Massachusetts. There were 232 MOB deals reported throughout 2025, and 213 in 2024. MOB activity in 2026 accounts for almost 13% of the 403 healthcare transactions that have been announced this year, so far.
