According to a report from the Boston Business Journal, Azora Exan, an affiliate of Miami-based company, has acquired 149 Newbury St. in Boston for $101 million from Chicago-based developer L3 Capital. This transaction marks one of the highest per-square-foot prices for commercial real estate in Boston since 2000, second only to properties such as Mandarin Oriental and The Alyx at Echelon Seaport. Research conducted by Hunneman was cited by the Business Journal.
The property is a five-story mixed-use building that opened last year with an Alo Yoga store on its ground floor. Recently added tenants include Google Store and Zelis’ top-floor office lease.
This acquisition is just one of several high-profile purchases made by Azora Exan in recent months within the city of Boston. In August 2023, they bought 7 Post Office Square for $41 million followed by their purchase this past spring of another five-story Back Bay office and retail building located at 801 Boylston St., which sold for $39.1 million.
Overall, this sale sets a new benchmark pricing point for mixed-use properties in Boston and highlights continued interest from investors despite challenges posed by the pandemic.
