Apple Buys Back Bay Store For $88M
Tech giant Apple bought the building where its Massachusetts flagship store resides.
The company acquired the 21K SF property at 815-825 Boylston St. in the Back Bay for $88M, according to property records.
Newmark represented the seller, an affiliate of London-based Tribeca Holdings. That firm had acquired it for $27.5M in 2012.
Apple moved into the location in 2008, its largest store in the United States at the time. The company has 11 stores in Massachusetts.
At more than $3,500 per SF, this is one of the state's priciest sales in recent years, according to the Boston Business Journal. And it shows how sought after retail real estate is in the Back Bay.
Retail rents on the neighborhood's iconic Newbury Street corridor increased by 10% last year to $440 per SF, according to Cushman & Wakefield. Last year a Miami-based firm bought a property on Newbury Street occupied by a Google Store for $101M, or $2,300 per SF.
The trend of retail tenants buying their properties has been rising in New York City, where at least 14 such deals occurred over the last two years, mostly on Manhattan's prime shopping corridors.
