{"id":1004469625,"date":"2020-08-06T07:17:44","date_gmt":"2020-08-06T15:17:44","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004469625"},"modified":"2025-02-26T03:11:45","modified_gmt":"2025-02-26T11:11:45","slug":"newmark-knight-frank-arranges-42m-boston-sale","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/newmark-knight-frank-arranges-42m-boston-sale\/","title":{"rendered":"Newmark Knight Frank Arranges $42M Boston Sale"},"content":{"rendered":"
\"\"<\/a>

8 Newbury St. Image courtesy of Newmark Knight Frank<\/i><\/p><\/div>\n

Newmark Knight Frank (NKF) has closed the $42.5 million sale of the Boston building housing North America\u2019s 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.<\/p>\n

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 fa\u00e7ade.<\/p>\n

The now LEED Gold-certified building was originally completed in the 1920s and served as a Rolls-Royce showroom. 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.<\/p>\n

In July, NKF assisted Breakthrough Properties in securing a 263,500-square-foot lease<\/a> at The 105, a Class A laboratory asset in Boston. Gene editing company CRISPR Therapeutics will fully occupy the building upon completion in 2022.<\/p>\n

If you\u2019d like to be featured in Brokers\u2019 Corner, simply fill in <\/em>our short form<\/em><\/strong><\/a> or send your deal to <\/em>deals@cpe-mhn.com<\/em><\/strong><\/a>.<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"

Robert Griffin, Geoffrey Millerd and Paul Penman represented the seller and sourced the buyer of the office-and-retail property anchored by a Rolex flagship store.<\/p>\n","protected":false},"author":867,"featured_media":1004365520,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21743,21783,21742,10,21747,21749],"tags":[38888,37531,36007],"class_list":["post-1004469625","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-deals","category-investment","category-latest","category-northeast","category-office","category-retail","tag-gll-real-estate-partners","tag-lb-realty-advisors","tag-newmark-knight-frank"],"acf":[],"yoast_head":"\nNewmark Knight Frank Arranges $42M Boston Sale - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/newmark-knight-frank-arranges-42m-boston-sale\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Newmark Knight Frank Arranges $42M Boston Sale\" \/>\n<meta property=\"og:description\" content=\"Robert Griffin, Geoffrey Millerd and Paul Penman represented the seller and sourced the buyer of the office-and-retail property anchored by a Rolex flagship store.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/newmark-knight-frank-arranges-42m-boston-sale\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-06T15:17:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-26T11:11:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/11\/CPE-Brokers-Corner-827x400.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"827\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Pavel Cazacu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/newmark-knight-frank-arranges-42m-boston-sale\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/newmark-knight-frank-arranges-42m-boston-sale\/\",\"name\":\"Newmark Knight Frank Arranges $42M Boston Sale - 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