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Borders, Citibank to open branches at The Newbry
Leases offer more signs that Boylston Street's retail cachet is on rise
By Jenn Abelson, Globe Staff | July 20, 2006
Borders bookstore and Citibank are the latest high-profile tenants to sign on to The Newbry building in the Back Bay, joining Filene's Basement and Swedish retailer H&M.
The Borders store, Boston's second, will open this fall in a two-level 24,000-square-foot space with frontage on Newbury and Boylston streets. The Borders store will also feature a Seattle's Best Coffee cafe and a Paperchase Shop with a wide selection of notebooks, journals, wrapping paper, and greeting cards.
The Citibank financial center, Boston's first, will open this fall in a 6,000-square-foot space at The Newbry, a 620,000-square foot Art Deco landmark at 501 Boylston St. These two leases nearly close out the office and retail makeover of the property. About 1,200 square feet of retail space remains, and a lease for that space is expected to be signed in the coming weeks by a boutique.
``We were very selective. We could have filled this building in the first few months, getting interest from retailers all over the world," said Andy LaGrega , a principal at the Wilder Cos., which oversees retail leases for the building's owners. ``It wasn't easy, but we've done it. And we couldn't be happier with the outcome."
Borders and Citibank will share the 10-story mixed-use building with other retailers, including Guess and Victoria's Secret. The Newbry occupies nearly a full block bounded by Berkeley, Boylston, Clarendon, and Newbury streets, and the property served for much of its history as the headquarters for the New England Mutual Life Insurance Co.
Initially, the $60 million renovation was planned almost entirely for office space, but Beacon Capital Partners, which owns the building, received approval in 2004 to expand the shopping area and help meet the strong demand for retail space in the Back Bay.
Boylston Street, in particular, is gaining a reputation as one of the most coveted retail destinations, with Apple Computer Inc. planning a three-story shop nearby, across from the Prudential Center, and the Mandarin Oriental constructing a five-star hotel with high-end boutiques nearby.
``The Newbry is continuing to invigorate that area of Boylston Street with these premier retailers," Boston Mayor Thomas M. Menino said yesterday. ``It's becoming a real beacon for retail."
Borders spokeswoman Holley Stein described the Back Bay as ``an amazing, thriving area," adding: ``We've been looking to grow in Boston, and we were attracted by the strength of the area, the co-tenants, and the visibility."
Borders will trump rival Barnes & Noble in its Boston presence with its new opening. Barnes & Noble only has one store, in the nearby Prudential Center, after the recent closing of its second shop at Downtown Crossing.
Said Mitchell Klipper, chief operating officer of Barnes & Noble Inc.: ``We closed the Barnes & Noble on Washington Street in June of this year when the lease expired. The store, which was 20 years old, was one of our older-format stores, without a cafe or music section. We would love to expand in the Boston market and are always looking for new real estate."
For Citigroup Inc., which operates Citibank, the new Back Bay branch will be the first step in the company's entry into Massachusetts. Citigroup, the nation's largest bank, is expected to heat up the banking wars in Boston by opening at three other locations beside the Back Bay: Downtown Crossing, the Fenway, and Government Center.
``Boston is a great market. It's a place where we already have a lot of customers -- 1 million credit card customers in Massachusetts -- and it's part of our overall strategy to expand our distribution," said Citigroup spokesman Rob Julavits.
Sasha Talcott can be reached at stalcott@globe.com
Leases offer more signs that Boylston Street's retail cachet is on rise
By Jenn Abelson, Globe Staff | July 20, 2006
Borders bookstore and Citibank are the latest high-profile tenants to sign on to The Newbry building in the Back Bay, joining Filene's Basement and Swedish retailer H&M.
The Borders store, Boston's second, will open this fall in a two-level 24,000-square-foot space with frontage on Newbury and Boylston streets. The Borders store will also feature a Seattle's Best Coffee cafe and a Paperchase Shop with a wide selection of notebooks, journals, wrapping paper, and greeting cards.
The Citibank financial center, Boston's first, will open this fall in a 6,000-square-foot space at The Newbry, a 620,000-square foot Art Deco landmark at 501 Boylston St. These two leases nearly close out the office and retail makeover of the property. About 1,200 square feet of retail space remains, and a lease for that space is expected to be signed in the coming weeks by a boutique.
``We were very selective. We could have filled this building in the first few months, getting interest from retailers all over the world," said Andy LaGrega , a principal at the Wilder Cos., which oversees retail leases for the building's owners. ``It wasn't easy, but we've done it. And we couldn't be happier with the outcome."
Borders and Citibank will share the 10-story mixed-use building with other retailers, including Guess and Victoria's Secret. The Newbry occupies nearly a full block bounded by Berkeley, Boylston, Clarendon, and Newbury streets, and the property served for much of its history as the headquarters for the New England Mutual Life Insurance Co.
Initially, the $60 million renovation was planned almost entirely for office space, but Beacon Capital Partners, which owns the building, received approval in 2004 to expand the shopping area and help meet the strong demand for retail space in the Back Bay.
Boylston Street, in particular, is gaining a reputation as one of the most coveted retail destinations, with Apple Computer Inc. planning a three-story shop nearby, across from the Prudential Center, and the Mandarin Oriental constructing a five-star hotel with high-end boutiques nearby.
``The Newbry is continuing to invigorate that area of Boylston Street with these premier retailers," Boston Mayor Thomas M. Menino said yesterday. ``It's becoming a real beacon for retail."
Borders spokeswoman Holley Stein described the Back Bay as ``an amazing, thriving area," adding: ``We've been looking to grow in Boston, and we were attracted by the strength of the area, the co-tenants, and the visibility."
Borders will trump rival Barnes & Noble in its Boston presence with its new opening. Barnes & Noble only has one store, in the nearby Prudential Center, after the recent closing of its second shop at Downtown Crossing.
Said Mitchell Klipper, chief operating officer of Barnes & Noble Inc.: ``We closed the Barnes & Noble on Washington Street in June of this year when the lease expired. The store, which was 20 years old, was one of our older-format stores, without a cafe or music section. We would love to expand in the Boston market and are always looking for new real estate."
For Citigroup Inc., which operates Citibank, the new Back Bay branch will be the first step in the company's entry into Massachusetts. Citigroup, the nation's largest bank, is expected to heat up the banking wars in Boston by opening at three other locations beside the Back Bay: Downtown Crossing, the Fenway, and Government Center.
``Boston is a great market. It's a place where we already have a lot of customers -- 1 million credit card customers in Massachusetts -- and it's part of our overall strategy to expand our distribution," said Citigroup spokesman Rob Julavits.
Sasha Talcott can be reached at stalcott@globe.com
