Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BOSTON-Matching the 2007 sales pace on Newbury Street will be a challenge, but commercial properties on the internationally known retail strip continue to change hands as the new year commences. The latest trading is 125 Newbury St., a small but well-located asset situated mid-block between Clarendon and Dartmouth streets.

“It’s a really nice building,” broker Thomas Brennan of C. Talanian Realty says of the five-story structure. The building was acquired by an Irish investment group, Newbury RB LLC, for $6.8 million. It is the last of five properties that members of the Hall family have sold on Newbury Street in the past year after ownership that dates to the 1930s. Brennan handled all of those transactions and sold 11 Newbury St. buildings last year overall for a value of nearly $65 million, his best season ever in nearly a quarter-century covering the market. “It’s never been hotter,” he says, having witnessed close to 30 assets on the street sell during the year, many to Irish capital being represented by Boston-based Taurus Investments. A Spanish group paid close to $50 million for a retail condominium at 360 Newbury St.

Similar to the foreign shoppers seeking bargains in the stores, commercial property sales on Newbury Street are being fueled partly by the weak dollar, says Brennan. “It’s like getting a 30% discount,” he says in citing that element as one reason for the increased activity among cross-border capital. The global cache of Newbury Street is also attractive, he says, and having the tightest retail vacancy rate in his tenure has further emboldened buyers to pay hefty figures to acquire a piece of the action. “There are bidding wars right now,” Brennan says of the leasing environment, adding that 125 Summer St. has always leased well, with an efficient layout and its own elevator among the 6,500-sf building’s attributes.

The principals of Newbury RB LLC are Richard and Gregory Byrne. Calls to a representative were not returned by press deadline, but Brennan says he believes 125 Newbury St. is their inaugural investment in Greater Boston. Besides 125 Newbury St., members of the Hall family also harvested 111-115 and 127-129 Newbury St. last year. Those buildings fetched a total of more than $25 million in two separate transactions to a pair of New York companies, with Kimco Realty Corp. the winning bidder for 127-129 Newbury St.

More than $200 million in Newbury St. commercial real estate sales were recorded in 2007, and Brennan concurs that a repeat of that is unlikely. Even so, the continued interest among buyers is enticing other owners to make their properties available. Brennan says he has several listings in play, and a portfolio of 13 assets being sold by NAI Hunneman Commercial Co. also includes two buildings on Newbury Street.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.