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n a significant move, Apple has acquired the property at 815 Boylston Street in Boston's Back Bay neighborhood for $88 million. The deal, which works out to over $3,500 per square foot, is one of the priciest commercial transactions in Massachusetts in recent years. The three-story store was previously owned by an affiliate of London-based Tribeca Holdings, which purchased it four years after Apple opened its store there in 2008.

    This acquisition signals a growing trend among retailers to own their own spaces, rather than renting them. In New York City, companies like Prada have been purchasing properties they already operate, cutting out middlemen and lease payments. While Apple is not typically known for owning its stores, this move could be a strategic shift or a one-off decision.

    The purchase also highlights the strength of the Back Bay retail market, which attracts tourists and has seen significant commercial activity in recent years. Meanwhile, Apple is looking to save even more money by filing over 1,400 property assessment appeals with Santa Clara County, seeking to reduce its tax bill by $33.6 billion.