5,7-Substituted 1,4-diazepinoporphyrazine magnesium(ii) complexes were synthesized via Mg(ii)-alkoxide templated macrocyclization. A single crystal growth synchrotron diffraction analysis permitted what is to our knowledge the first structural characterization of a 1,4-diazepinoporphyrazine. It exists as a dimer in the solid state. In silico calculations supported by solution phase spectral studies involving a series of representative derivatives, provided insights into the factors governing dimerization of 1,4-diazepinoporphyrazines. The present 1,4-diazepinoporphyrazines serve as useful probes for understanding the determinants that guide dimer-monomer equilibria and the self-assembly of phthalocyanine derivatives.