Alternative investment firm Azora has added a $101m (€92.7m) mixed-used office asset in Boston to its US portfolio.
Azora said it has acquired the building at 149 Newbury Street, which comprises offices and luxury retail spaces across five floors.
The asset is currently 81% leased. The only available space is on the third floor, which Azora plans to convert into 9,586sqft of move-in-ready office space.
Azora entered the US real estate market via a partnership with Miami-headquartered real estate manager Exan Capital to form Azora Exan in December 2021. Currently, Azora Exan manages office, industrial, retail and residential assets in the US valued at $1.7bn.
The latest acquisition is the third by Azora in the Boston market in the past 12 months, following the purchase of 801 Boylston Street for $39m and 7 Post Office Square for $41m.
Ignacio Gil-Casares, managing partner of Azora Exan, said: “We are pleased to have acquired such a high-quality asset, which aligns with the strategy we began to implement in the US last year.
“We continue to believe in the value of trophy office assets in major US cities, and 149 Newbury is the perfect example, combining an excellent location, high occupancy by top-tier tenants, and the potential to achieve higher returns by leasing the remaining space through the creation of speculative spaces.”
Azora also recently formed a partnership with Advenir, a US real estate investment and management firm, to focus on managing and developing affordable rental housing in key US markets.
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