Commonwealth Fusion’s headquarters in Devens sold for $74M
Photo | Courtesy of Commonwealth Fusion Systems
Devens-based Commonwealth Fusion Systems is working to create commercially-viable fusion energy.
The Devens headquarters of Commonwealth Fusion Systems has been sold for $74 million by a Boston-based real estate investment firm to two investment groups.
Pivotal Manufacturing Partners, a real estate investment platform focused on advanced manufacturing assets, and Declaration Partners, an investment firm founded by David Rubenstein, a private equity investor and principal owner of the Baltimore Orioles, purchased the property on Tuesday, according to Worcester District Registry of Deeds records.
Commonwealth Fusion Systems will remain at the site under a long-term lease agreement, according to a press release from Pivotal and Declaration on Wednesday. Terms of the lease were not disclosed.
The property was sold by King Street Properties, the Boston-based private real estate management firm which has been involved in developing Devens into an advanced manufacturing and life science hub, despite headwinds in the later industry.
Developed in 2022, the site located at 117 Hospital Road in Devens is home to CFS’ headquarters and critical magnet manufacturing site. The 116,000-square-foot building includes SPARC, a fusion energy machine key to the company’s plan of commercializing the long-sought source of clean energy, which proponents hope will someday replace fossil fuels and other traditional energy sources.
Goldman Sachs provided a five-year, $52.8-million loan for the purchase, with Chicago-based Cushman & Wakefield arranging the financing, according to a Cushman & Wakefield press release on Thursday. John Alascio, Alan Blank, Alex Lapidus, Rob Borden, and Heather Brown of Cushman & Wakefield represented the borrowers in the deal.
“We are proud to acquire this state-of-the-art facility with support from our partners at Declaration and invest behind the transformative work underway at CFS,” David Robbins, managing partner of Pivotal, said in the press release. “We are confident in the strategic value of this real estate – an asset benefiting from significant, market-leading existing infrastructure and heavy power access.”
Pivotal focuses on investments in facilities working to advance manufacturing-related technology, according to its website.
Declaration has $2.2 billion in assets. Founder David Rubenstein became majority owner of the Baltimore Orioles in 2024 and is the founder of the Carlyle Group, a private equity firm based in Washington, D.C.
Rubenstein is the chairman of the Council on Foreign Relations thinktank. He was the chairman of the Kennedy Center for the Performing Arts from 2010 until 2025, when he was replaced by President Donald Trump in the role, according to The Baltimore Banner.
Commonwealth Fusion Systems has raised capital through deals with Google and Italian energy giant ENI this year, having raised $863 million through a fundraising round completed in August. In January, CEO and co-founder Bob Mumgaard told the World Economic Forum in Davos, Switzerland, fusion technology will change the energy industry as we know it.
EDITOR'S NOTE: This story was updated to include more details on the loan which helped finance this transaction.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
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