- Pivotal Manufacturing Partners and Declaration Partners closed on the purchase of Commonwealth Fusion Systems’ global HQ in Devens, MA, originally developed by King Street Properties and The Baupost Group in 2022.
- CFS, the world’s largest private fusion energy company, will continue to operate the site as its magnet manufacturing facility and corporate headquarters under a long-term lease.
- The 165,000 SF building serves as the central hub for CFS’s fusion energy efforts and features infrastructure designed for heavy power and next-gen manufacturing needs.
- The deal was financed by Goldman Sachs and underscores CFS’s momentum following a recent $863 million raise and fusion power offtake agreement with Google.
New HQ, Big Vision
Pivotal Manufacturing Partners and Declaration Partners have acquired the centerpiece of Commonwealth Fusion Systems’ Boston-area campus—a 165,000-square-foot, state-of-the-art magnet manufacturing and headquarters facility—for $74 million. Originally developed by King Street Properties and The Baupost Group in 2022, the facility will remain fully occupied by CFS under a long-term lease.
Who’s CFS?
CFS is the world’s leading private fusion energy company, with nearly $3 billion in capital raised from top-tier backers like Google, Nvidia, Temasek, and Mitsubishi. The company is rapidly advancing toward commercial fusion power, with its first commercial power plant underway in Virginia. A recent deal with Google includes both investment and a first-of-its-kind power purchase agreement for CFS’s clean fusion energy.
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Why It Matters
The acquisition by Pivotal and Declaration highlights investor confidence in advanced manufacturing infrastructure as a core component of U.S. energy and tech innovation. The building’s power-intensive design and strategic location fit squarely into Pivotal’s mission of backing real estate essential to reshoring and industrial transformation.
Strategic Expansion
“This is a trophy industrial asset backed by a world-class tenant doing category-defining work,” said David Robbins, Managing Partner at Pivotal. “As AI, robotics, and fusion energy evolve, assets like this will be essential to scaling the next industrial revolution.”
David Rabin of Declaration Partners added, “We’re proud to partner with Pivotal on this long-term opportunity and support CFS’s mission to reshape the global energy landscape.”
Broader Trends
The deal reflects growing interest in advanced manufacturing real estate, which often requires specialized infrastructure—high-power capacity, R&D-grade HVAC, and proximity to major innovation hubs. With modern industrial vacancy rates still historically low, institutional capital continues flowing into mission-critical facilities.
Looking Ahead
As CFS pushes toward commercial fusion energy production, expect more real estate transactions tied to deep tech and clean energy tenants. Pivotal’s acquisition sets the stage for continued expansion into infrastructure purpose-built for the industries shaping the future.
About the Buyers
- Pivotal Manufacturing Partners is focused on acquiring and managing industrial real estate that supports power-intensive, advanced manufacturing operations amid the reshoring wave.
- Declaration Partners is a private investment firm anchored by the family office of Carlyle co-founder David Rubenstein, managing $2.2 billion in AUM across real estate, private equity, and opportunistic investments.
