Back Bay Real Estate is alive and well as it has seemingly always been. Perhaps one of more recognizable buildings in all of Boston, the Apple Store location at 815-825 Boylston Street in Bostons illustrious Back Bay neighborhood just sold for a staggering $27.5 Million. The new owner, Tribeca APL Boston LLC out of London displays just how important showcasing ones Commercial Real Estate property to the International Real Estate community truly is. Rockland Trust also, it must be shared, provided $18 Million in financing for the purchase of the building.
At 21,348 square feet, this facility located directly across the street from the Prudential Tower was now formally owned by Heritage Legacy LLC. Astonishingly enough, the actual assessed value of this distinctive glass facade building only came back with a value of $7.1 Million, far less than the purchase price.
Back in 2006 a two story building formerly existed at this given site which now no longer exists. However soon after and Apple set up shop when at the time it was known as the largest Apple store Worldwide back in 2008. Prior to the firm establishing themselves here in the city, this building had to be initially approved by the Boston Redevelopment Authority and the Back Bay Architectural Commission to completely redesign the exterior to the contemporary and open concept state that one can find it in today. On a final note, the sale of the building of course by no means signifies that Apple will no longer be a tenant at 815-825 Boylston Street, just that the legal ownership of the address has now changed hands.
More Information: Boston Business Journal