Azora’s US unit adds $39m Boston office building

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The US arm of Madrid-based real estate investment manager Azora has acquired a $39m (€36.2m) mixed-use retail and office space building in Boston.

Azora Exan has bought the 2,400sqm asset at 801 Boylston Street comprising an office building which is 91% leased to private equity and real estate investment firms.

Ignacio Gil-Casares, managing partner of Azora Exan, said: “At Azora Exan we are looking to take advantage of the current market environment and dislocation between supply and demand, especially in the office and retail segments, which enables us to acquire prime assets in excellent locations at very attractive discounts on pre-pandemic prices.

“801 Boylston is a perfect example of this strategy, as it has a strategic micro location, prime tenants and high occupancy. The attractive price at which we have acquired it allows us to create value in the property by implementing a strategic capex investment plan that will allow us to increase the building’s rents in the medium to long term.”

Azora established a presence in the US market in December 2021 through a joint venture with Exan, forming Azora Exan. Azora Exan currently manages a $1.7bn portfolio of office, retail, industrial, and residential assets across the US.

To read the latest IPE Real Assets magazine click here

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