C. Talanian Realty Selling UrbanMeritage Hub’s 7-9 Newbury St. for Near $26M in Off-Market Trade
May 23, 2017 - By Joe Clements
BOSTON—Making news on both sides of the continent this week, UrbanMeritage has committed to purchase a 15,800-sf mixed-use property on the treasured first block of Newbury Street from longtime steward C. Talanian Realty, therealreporter.com has learned. UrbanMeritage, which on Sunday in Las Vegas separately rolled out its $300 million multi-media marketing platform
and Vincent G. Norton Jr., while Novaya’s founders are James M. Alden, Peter Carbone III, Jeffrey R. Theobald and Scott R. Tully. Despite the silence regarding 7-9 Newbury St., multiple sources insist there is an agreement in place. “That is happening . . . absolutely,” one industry professional replied when queried on the market chatter.
C. Talanian Associates is a third-generation independent real estate services firm and for decades Newbury Street’s dominant landlord before Jamestown arrived six years ago with $226.5 million to spend on 22 buildings there assembled by principals of Novaya while at Taurus Investment Holdings.
a consideration of $4.58 million.
Based at
137 Newbury St. headquarters, C. Talanian Realty remains a major landlord on the street but has expanded its reach on brokerage, development, and ownership to Beacon Hill and the West End plus the Fenway and South End neighborhoods.
A fixture in the Back Bay since 2006, UrbanMeritage was named exclusive leasing agent of the Jamestown portfolio upon that international investment giant’s arrival and formulated “The Newbury Line” program to provide a cohesive approach to their marketing efforts, an initiative similar to why the
Newbury campaign was formulated to cover UrbanMeritage’s holdings that will be nearing $200 million once 7-9 Newbury St. is in the fold.
Observers spoken to could not say whether the buyers are intending to finance their purchase of the building which is 100 percent occupied, its major retail tenants being Nespresso and Salon Mario Russo. Rental rates are unclear, but the inaugural block has traditionally let far above other sections of the street.
program, said the charge from his clients was designing a game plan confronting dramatic shifts in the retail arena “through an informed, curated team who lives and breathes the street dynamics of Newbury Street and its varied shoppers,” and in so doing, organizers maintain their endeavor “challenges the conventional approach to retail real estate and provides a stable platform for creating long-term success in Boston.”
Among a series of steps to help guide tenants to the right venues, UrbanMeritage has launched AvantageNewbury.com where one can peruse various addresses under the brand’s umbrella.
property at 8 Newbury St. is already in the mix and the portfolio continues up the street to other sections where the buildings are sited. Unique features of each asset and a list of tenants on every block are among informative aspects of the site.
“We are excited to introduce a new brand to Newbury Street,”
Newbury will unite “engaging brands with the engaging retail needed to meet customers where they shop,” one strategy being through “activated retail placement” to accommodate “brands moving as fast as the market” and also delivering “growth-oriented retail” in proven locations.
It is unclear whether any renovations will be required at 7-9 Newbury St., a seven-story structure built on a tiny 3,825-sf site in 1920. If the $26 million figure is attained, that would equate to an impressive $1,645 per
Associates paid for the building 21 years ago this coming July.
Charles C. Talanian
Vincent G. Norton Jr.
Michael T. Jammen
Charles M. Talanian
