Synergy Investments buys 4 more office buildings for $31M
Eyeing ‘great potential’ downtown
By Greg Turner
Tuesday, July 31, 2012 - Updated 2 hours ago
Synergy Investments has snapped up four Boston office mid-rises for nearly $31 million, continuing its hot streak of downtown deals.
The Hub real estate investment firm, led by Irish-American businessman David Greaney, bought three buildings on Summer Street and another on High Street. “It just fits right into our strategy of acquiring and operating good, well-located Class B offices,” he said.
The properties were sold in an “off-market” transaction by New York’s Centurion Realty, which is “currently focusing its efforts on its New York portfolio,” said principal Ralph Tawil.
Synergy’s portfolio gained 130,000 square feet that’s about 80 percent occupied. The properties are:
• 71 Summer St., a seven-story structure leased by law offices and a Wendy’s.
• 77 Summer St., a 10-story Beaux Arts-style building with multiple tenants, a bank branch and hair salon.
• 87 Summer St., a five-story building with a Staples copy shop at the corner of Kingston Street.
• 184 High St., a historic building across the street from International Place.
The Summer Street buildings bring to nine the number of properties Synergy owns in the Downtown Boston Business Improvement District, a 34-block area that gets extra services through fees voluntarily paid by commercial building owners.
“We’re big supporters of the BID,” said Greaney, who serves on the nonprofit group’s board. “We think that Downtown Crossing and the Financial District have great potential, and we’ll continue buying in that area.”
Synergy also has made waves across the Fort Point Channel, buying office buildings in the past three years to take advantage of the influx of tech startups to the Innovation District.
“We believe that more and more suburban companies ... are saying we’re going to locate in Boston, because that’s where the talent is,” Greaney said. “We bought into that.”
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gturner@bostonherald.com