A joint venture between a Chilean company and a German fund manager has purchased a fully leased, 17K SF Back Bay luxury retail and office building for nearly $2,500 per SF.
Corso, a Chilean family firm, partnered with the German GLL Real Estate Partners to buy 8 Newbury St., according to Newmark Knight Frank, which brokered the deal. A joint venture between L&B Realty Advisors and UrbanMeritage sold the property for $42.45M.
The largest North American Rolex flagship store anchors the building, which has a nearly century-long history of luxury retail as well.
“Originally developed in the 1920s as a Rolls-Royce showroom, 8 Newbury Street has been fully transformed into a top-tier office/retail ‘crown jewel’ via a multi-million-dollar gut renovation over the past three years,” NKF Boston Capital Markets Group Director Paul Penman said in a statement. “The institutional-quality offering represented an exceptional opportunity to acquire a landmark building on the prestigious first block of Newbury Street.”…
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