Neiman Marcus' store at the Natick Mall. Photo by Studio J | Massachusetts Office of Travel and Tourism / CC BY-ND 2.0

Boston-based developer Bulfinch Cos. is the new owner of the Natick Mall’s Neiman Marcus anchor space with plans to reposition the property.

Luxury retailer Neiman Marcus will close in September 2022, Bulfinch Cos. said. Bulfinch is partnering with Harrison Street Capital on the repositioning project on the 2-story, 94,000-square-foot space. The purchase price was $12.6 million, according to a Middlesex County Registry of Deeds filing.

“Bulfinch is excited to partner with Harrison Street and Brookfield Properties as we reposition this irreplaceable property to meet current market requirements,” Bulfinch Cos. CEO Eric Schlager said in a statement.

Bulfinch Cos. did not comment on specific future plans, but noted that the building contains 18-foot clear heights. Life science developments often require ample floor-to-floor heights to accommodate building systems needed for lab uses.

The property includes a 450-space parking garage and sits next to the Natick Mall, which is owned by Brookfield Properties.

Bulfinch has experience with suburban mall repositioning projects at the former Atrium Mall in Chestnut Hill, where it converted the 286,000-square-foot building into a Life Time Center medical office building anchored by Dana Farber Cancer Institute.

The transaction follows Burlington officials’ approval this month of conversion of the former Lord & Taylor anchor space at the Burlington Mall into 102,000 square feet of office space. Ground lessor Hudson Bay Co. said it’s already begun marketing the space to prospective tenants.

Developers Pay $12.6M for Natick Mall Anchor

by Steve Adams time to read: 1 min