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Synergy Makes Its Largest Post-Pandemic Boston Office Deal
Boston-based Synergy has acquired the office tower at 99 High St. in downtown Boston from Nuveen Real Estate, the real estate arm of TIAA, for $227 million, the Boston Business Journal reported Thursday. The 730,000-square-foot tower is one of the largest office buildings to trade in the city since the pandemic, and the sale represents Synergy founder Dave Greaney’s largest purchase yet in his post-COVID buying spree.
The 32-story tower sold at a substantial discount, as have other properties since the pandemic sent office vacancies soaring, reported the Business Journal. TIAA bought 99 High for $273 million in 2005. Currently it’s 78% leased.
“To be able to acquire a Class A asset, in an exceptional location, close to transportation and amenities — we’ll buy those assets all day long,” Greaney told the Business Journal. The property went up for sale last year, and Synergy has long been linked to the building as the buyer-in-waiting.
Photo courtesy of SGA.
- ◦Sale/Acquisition
