JV Acadia/Osiris Ventures Winning Suit for First Block Newbury Street Assets at $113.5M

Boston — Newbury Street’s reputation as the city’s premier retail corridor is well established, but its first block occupies a rarified tier of luxury branding. Anchored by global names such as Chanel, Cartier, Tiffany & Co., Rolex, and IWC Schaffhausen, the stretch commands some of the highest rents in the market, and typically reports no retail vacancies.

Flashback to September, the Newmark Capital Markets team was charged with peddling two ‘first block’ addresses (first reported in Real Reporter) for ASG Equities, the NYC-based owners of 4-6 and 28 Newbury Street, addresses where occupants Chanel and Cartier merchandise their global brands.

In less than six months, Newmark has arranged the $113.5 million sale of the two luxury flagship retail properties. Newmark Co-Head of U.S. Capital Markets Robert Griffin, Vice Chairman, Geoffrey Millerd, along with Managing Director Paul Penman, procured the new stewards, a joint venture between Acadia Realty Trust and Osiris Ventures.

“4-6 and 28 Newbury Street define trophy high street retail,” said Penman. “Custom-designed for Chanel and Cartier, the properties each command an unmatched presence along the first block of Newbury Street—where global luxury retail demand continues to concentrate.”

Located within one of Boston’s most historic and prestigious neighborhoods, Back Bay, 4-6 Newbury Street is home to the only flagship Chanel boutique in the city, totaling 10,328 square feet across a two-story retail condominium. A true rarity along the corridor, 28 Newbury Street is a four-story flagship retail offering that spans 18,942 square feet and serves as Cartier’s only New England boutique.

As reported in September, the Cartier commitment occurred in 2018 as the chic retailer took over a venue that for the previous 20 years had been occupied by the Gap’s flagship brand, Banana Republic. Market watchers maintain there is a measure of upside awaiting the new owner due to a lease expiration at the end of the decade for Cartier,

Executive Vice Chairman and Head of International Capital Markets Alex Foshay and Associate Victoria Radman provided additional support on the transaction, along with Senior Financial Analyst Casey O’Brien and Financial Analyst Christian Reenstierna.

4-6 Newbury St, Boston MA