Azora Exan Buys $41M Office Building in Boston from Nuveen

Azora Exan Capital has acquired 7 Post Office Square, a 64,246-square-foot office building in Boston's Financial District, for $41 million. The seller was Nuveen Real Estate, and the transaction was brokered by JLL.

This is the second office sale in downtown Boston since January 2022. Boston's office market has recorded a higher sales volume than most other major U.S. metros, with $1.2 billion in sales year-to-date through July.

This property’s history: Nuveen acquired the property in 2016 for $38 million and invested approximately $5 million in upgrades. The building is 91% leased to eight tenants, including Fidelity Investments, Kimball, Concept + Design, and Wilson Butler Architects.

7 Post Office Square in numbers: The 7 Post Office Square building is a seven-story property with 9,000 square feet of retail space, a 5,672-square-foot showroom, and floor-to-ceiling windows. It is located close to Interstate 94 and within walking distance of Post Office Square Park, South Station, the commuter ferry, and many dining and retail options.

The players behind this transaction: The JLL Capital Markets Investment Sales and Advisory team included Chris Angelone, Coleman Benedict, Scott Carpenter, Scott Tully Jr., Brooke Howard, and Rachel Bliss. The Nuveen team included Dave Dyer and Ines Olesen, while Azora Exan was self-represented by Ignacio Gil-Casares and Nicolas Guemes.

Get to know them: Azora Exan is a real estate investment firm that specializes in value-add and opportunistic investments. The company has a long history of success in the Boston market, and this acquisition is a further sign of their commitment to the city.