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Synergy Buys Downtown Office Building For $77M
Synergy has acquired a downtown Boston office building at 179 Lincoln St. by assuming $76.5 million in mortgage debt, marking one of the largest Boston office sales since the pandemic began, Boston Business Journal reported. The 221,000-square-foot property was sold by an affiliate of Blackstone and is 82% leased to tenants like XPO Logistics and Smartsheet.
The sale price was listed as $10, but Synergy is taking over the mortgage loan, originally $93 million. The deal reflects the declining values of downtown office buildings, as the same property was purchased for $155.7 million in January 2020.
Synergy, led by David Greaney, has been active in acquiring downtown properties, including One Liberty Square for $45 million and a mixed-use property on State Street for $62 million. The building recently underwent $3 million in upgrades, and Newmark brokers facilitated the deal. Synergy is also linked to properties at 101 Arch St. and 400 Atlantic Ave., though those deals have not yet been finalized.
- ◦Sale/Acquisition
