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A Real Estate Company Finds a Boom in Boston’s Back Bay

The New York Times
A Real Estate Company Finds a Boom in Boston’s Back Bay - real estate - Boston

BOSTON — In a blockbuster deal last fall, Jamestown Properties paid $226 million for a 130,000-square-foot portfolio spread over 28 buildings, mostly on Newbury Street — the fashionable thoroughfare that hosts shops ranging from a Chanel boutique to nail salons in 19th-century town houses.

Back then, Jamestown, a real estate company based in Atlanta, chased retailers leaving malls for urban downtowns. A year later, Jamestown finds itself in a booming commercial property submarket, with nearly $2 billion in other projects that are planned or already being built. Those developments include new or renovated buildings that will house an expanded Chanel store and a Restoration Hardware outlet, and plans for a $500 million redevelopment of Copley Place mall.

Jamestown bought in Boston’s Back Bay because the district had long been a sound property market, said Michael Phillips, chief operating officer at Jamestown. The current boom “is an added benefit,” he said.


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