Sale of Mixed-Use 149 Newbury Sets Boston Pricing Benchmark

An affiliate of Miami-based Azora Exan acquired 149 Newbury St. in Boston from the property’s developer, Chicago-based L3 Capital, for $101 million, reported the Boston Business Journal. The per-square-foot price of $2,321 for the five-story mixed-use property was higher than any other Boston commercial real estate transaction since 2000 other than the Mandarin Oriental in Back Bay and The Alyx at Echelon Seaport, the Business Journal reported, citing research from Hunneman.

149 Newbury is among the newest Boston properties to trade since the pandemic. It opened last year with a ground-floor Alo Yoga store, joined more recently by a Google Store and healthcare payments technology provider Zelis’ top-floor office lease.

The deal is Azora Exan’s third high-profile Boston acquisition lately. The firm bought 7 Post Office Square in August 2023 for $41 million, then purchased 801 Boylston St., another five-story Back Bay office and retail building, for $39.1 million this past spring.

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