Newmark Completes $39.1 Million Sale of 801 Boylston Street in Boston, Massachusetts

May 3, 2024 9:00 AM

Newmark announces the $39.1 million sale of 801 Boylston Street in the Back Bay neighborhood of Boston, Massachusetts. Newmark Co-Head of U.S. Capital Markets Robert Griffin, Executive Vice Chairman Edward Maher, Vice Chairman Matthew Pullen and Managing Directors Paul Penman and Jonathan Martin of the firm’s Boston Capital Markets Group represented the undisclosed seller and procured the undisclosed buyer.

“801 Boylston Street is an iconic five-story mixed-use building with one of the most recognizable and visible retail storefronts in all of Boston,” said Penman. “The asset is located at the intersection of Boylston and Fairfield Streets, which places it directly across from such landmarks as the Prudential Center and the Mandarin Oriental hotel and residences, plus the newly opened House of Sport concept from DICK’S Sporting Goods.”

Totaling 26,000 square feet of flagship retail and boutique office space, 801 Boylston Street is presently 91% leased. The asset is anchored by Fidelity Investments, which has occupied the building since 1999, with other tenants including private equity and real estate investment firms.

“Premium-quality boutique office space in amenity-rich locations continues to be highly desirable for both private and institutional capital,” said Pullen. “801 Boylston Street’s office component combines a first-class user experience with unparalleled walkability to the Back Bay’s high-performing retail market, which is experiencing record-low vacancy and record-high rental rates.”

The sale of 801 Boylston Street, which exceeds $1,500 per square foot, follows two other notable sales that were recently completed by Newmark’s Boston Capital Markets Group in the Back Bay: the $26.5 million sale of 333-335, 342 & 352 Newbury Street and the $11.65 million sale of 103-105 Newbury Street. Since the beginning of 2024, Newmark’s Boston Capital Markets Group has overseen more than $110 million in transaction volume across seven properties in the Back Bay.

Newmark Senior Financial Analyst Casey O’Brien provided financial analysis support for the transaction.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2023, Newmark generated revenues of approximately $2.5 billion. Newmark’s company-owned offices, together with its business partners, operated from approximately 170 offices with 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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