Madrid-based Azora Expands US Portfolio with $39M Mixed-use Acquisition in Boston's Boylston Street

The US arm of Madrid-based real estate investment manager Azora, known as Azora Exan, has recently acquired a mixed-use retail and office space building in Boston for $39 million. The property, located at 801 Boylston Street, spans 2,400 square meters and includes an office building that is 91% leased to private equity and real estate investment firms.

Strategy and Market Advantage

Ignacio Gil-Casares, managing partner of Azora Exan, emphasized the company's strategy of capitalizing on the current market dynamics, particularly in the office and retail sectors. He highlighted the disparity between supply and demand, which presents opportunities to acquire prime assets in desirable locations at significant discounts compared to pre-pandemic prices. Gil-Casares cited 801 Boylston as a prime example of this strategy, noting its strategic location, high-quality tenants, and strong occupancy rates. He expressed confidence in the property's potential for value creation through a strategic capital expenditure investment plan aimed at increasing rental income over the medium to long term.

Expansion into the US Market

Azora's entry into the US market occurred in December 2021 through a joint venture with Exan, resulting in the formation of Azora Exan. Since then, Azora Exan has swiftly built a portfolio of assets totaling $1.7 billion, spanning office, retail, industrial, and residential properties across the United States.