Stonegate Group is excited to announce the acquisition of the flagship commercial property located at 2 Newbury Street in Boston. The asset was procured from owner-occupier Burberry Limited on August 30th, 2022. The 6-story, 13,500 square foot building was originally designed by notable architect Nathaniel Bradlee in 1823 and is changing hands for the first time in over 30 years.
This purchase creates retail and office space availability in a highly desired location on one of the world’s most famous streets. The property presents the exclusive opportunity to be among Boston’s most distinguished retailers with views of the Public Garden and the recently completed Newbury Hotel directly across the street.
2 Newbury Street marks Stonegate’s re-entry into Boston’s Back Bay neighborhood after a number of luxury condominium developments in the mid-2000s. This investment reestablishes Stonegate’s dedication to the future of Boston and solidifies its vision to expand on the city’s high-end, in-person experiences. “Everywhere you look, development and investment thrive in the city. From offices and residences in Seaport to South Station and 1001 Boylston in Back Bay, to Harvard’s plans in Allston, Boston is booming,” commented Sean McGrath, Stonegate’s Founder and CEO. “We couldn’t miss the opportunity to invest in the city’s best retail asset. The first block of Newbury has become the most desired location in the city for designers, jewelers, and watchmakers.”
Needham Bank financed the transaction while JLL’s Nat Heald advised Stonegate on the acquisition. Boston Realty Advisors, who represented Burberry on the transaction, will assist Stonegate in leasing the property. Retail inquiries can be directed to Joe Wagner at jwagner@bradvisors.com, and office inquiries can be directed to Robert LeClair at rleclair@bradvisors.com. Any general inquiries can be directed to Stonegate Group at (508) 655-1700 or info@stonegatellc.com.
Stonegate Group LLC specializes in the development, management, and leasing of commercial and residential properties. Founded in 1988 and headquartered in Natick, MA, Stonegate has successfully developed over $190 million of residential and mixed-use properties and owns and manages multiple residential properties and over 750,000 square feet of commercial space throughout Greater Boston, MetroWest and beyond. 2 Newbury joins a spur of recent transactions the firm has made in solar, office, industrial, and iconic retail.
