Newmark Knight Frank (NKF) has closed the $42.5 million sale of the Boston building housing North America’s largest Rolex-branded flagship store. Co-Head of U.S. Capital Markets Robert Griffin, Vice Chairman Geoffrey Millerd and Director Paul Penman assisted the seller, a partnership between UrbanMeritage and L&B Realty Advisors. The team also sourced the buyer, a joint venture between Chilean family office Corso and Germany-based global real estate fund manager GLL Real Estate Partners.
Located in the Back Bay neighborhood, the fully leased retail-and-office property at 8 Newbury St. spans 17,023 square feet. The asset previously traded in 2013, when the seller acquired it for $15.2 million from a private investor, according to public records. East Boston Savings Bank provided a $15 million construction loan in 2015 which the seller used to redevelop of building. UrbanMeritage spent the past three years executing a gut renovation on the property, which included major upgrades to the lobby, roof, tenant interiors, shared amenities and historic façade.
The now LEED Gold-certified building was originally completed in the 1920s and served as a Rolls-Royce showroom. At the time of the sale, the asset was fully occupied. The property is anchored by the only Rolex store in Boston, with several high-net-worth family offices and private equity firms occupying the boutique offices on the upper levels. Other brands with stores on Newbury Street include Bvlgari, Chanel and Tiffany & Co.
In July, NKF assisted Breakthrough Properties in securing a 263,500-square-foot lease at The 105, a Class A laboratory assetin Boston. Gene editing company CRISPR Therapeutics will fully occupy the building upon completion in 2022.