Newmark Knight Frank has brokered the $42.4 million sale of 8 Newbury Street, a boutique retail and office property in Boston’s Back Bay neighborhood.

The 17,023-square-foot property is currently fully occupied and is anchored by Boston’s only Rolex-branded flagship retail location. The Rolex location occupies the street level and second floor of the property with a number of high-net worth family offices and private equity firms occupying the upper levels. The property was originally developed in the 1920s as a Rolls-Royce showroom.

Robert Griffin, Geoffrey Millerd and Paul Penman of NKF’s Boston Capital Markets Group represented the seller, a joint venture between UrbanMeritage and L&B Realty Advisors, in the transaction. The buyer was a partnership between Chile-based family office, Corso and GLL Real Estate Partners, an international real estate fund manager based in Germany.

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