• Transaction is the firm's third acquisition in Boston in the last 12 months.
• The acquired building has a state-of-the-art design, LEED Gold certification, and is
located in the heart of the Back Bay, Boston's most exclusive residential and office area.
• The asset is 81% leased to blue chip firms such as Alo and Google, which has the largest
shop in New England.

Madrid, October 16, 2024 – Azora has completed the purchase of a modern office building in Boston,
located at 149 Newbury Street, for $101 million. This "trophy" mixed-use building offers 45,495
rentable square feet for offices and luxury retail spaces across five floors. The asset features cuttingedge design with LEED Gold certification and is situated along the Newbury Street commercial
corridor, surrounded by luxury shops and restaurants in Boston's exclusive Back Bay neighborhood.

The building is 81% leased to top-tier tenants. The ground floor is fully leased to two major tenants:
Google, which operates its first high-tech store in New England, and Alo, an exclusive sportswear
tenant.

Only the third floor of the asset is available to let and Azora plans to convert its 9,586 sq ft into ‘ready
to move in’ offices, given the demand in the area for this type of space.

As Ignacio Gil-Casares, Managing Partner of Azora Exan, comments: “We are pleased to have
acquired such a high-quality asset, which aligns with the strategy we began to implement in the US in
[month] last year. We continue to believe in the value of trophy office assets in major U.S. cities, and
149 Newbury is the perfect example, combining an excellent location, high occupancy by top-tier
tenants, and the potential to achieve higher returns by leasing the remaining space through the
creation of speculative spaces. We are confident in the potential value generation for this asset in the
short to medium term."

Azora entered the U.S. market through its partnership with Exan, establishing Azora Exan in December
2021. Currently, Azora Exan manages office, industrial, retail, and residential assets in the U.S. valued
at $1.7 billion. The acquisition of this new office building marks the third transaction of its kind in the
Boston market over the past 12 months, having acquired 801 Boylston Street for $39m and 7 Post
Office Square for $41m.

Additionally, Azora has recently agreed with Advenir, a U.S. real estate investment and management
company, to create a strategic alliance aimed at managing and developing affordable rental housing
in key U.S. markets. This alliance, which starts with over $3 billion and 14,000 units under
management, has an investment target exceeding $3 billion.

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