An affiliate of Boston-based The Bulfinch Companies, Inc., and Harrison Street have acquired the Neiman Marcus department store property at the Natick Mall in Natick, MA.

Bulfinch and Harrison Street are developing plans to reposition the property to meet current market demands. Bulfinch will serve as developer and property manager.

 The property is contiguous to Brookfield Properties-owned Natick Mall, the largest mall in New England by tenants and occupied square footage. The two-floor, 94,000-square-foot space is 16 miles west of downtown Boston.

“Acquiring the Neiman Marcus building presents a rare and exciting opportunity to reposition a first-rate asset in a high barrier to entry market that is experiencing significant growth,” said Mark Burkemper, senior managing director and head of North American transactions at Harrison Street.

Bulfinch and Harrison Street have partnered on eight developments and acquisitions in metro Boston representing more than $2 billion in gross costs.