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Florida real estate investment firm buys Newbury Street building for $101M

by Liz Hughes

A Florida real estate investment company has purchased a Newbury Street mixed-use building for a whopping $101 million.

Azora Exan purchased 149 Newbury St., one of the newest properties in the city, from L3 Capital. The transaction is Azora Exan’s third acquisition in Boston in the last 12 months. The company purchased 801 Boylston St. for $39 million and 7 Post Office Square for $41 million. 

L3 Capital finished construction on the building last year.

The Boston Business Journal reported that Azora Exan paid $2,321 per square foot more than any other Boston commercial real estate transaction since 2000, with the exception of the Mandarin Oriental and The Alyz at Echelon Seaport.

At the time of the sale the building was 81% leased. The ground floor is fully leased by Google’s first high-tech store in New England and exclusive sportswear retailer Alo.

Ignacio Gil-Casares Gasset, managing partner of Azora Exan, said the purchase is part of the company’s U.S. investment strategy. 

“This acquisition confirms our investment strategy in the U.S. We strongly believe in the potential of trophy assets and are convinced that this building will generate great value in the short to medium term,” he said.

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