Synergy has acquired 99 Excessive St., a 32-story Class A workplace tower in Boston’s Monetary District, for $227 million from Nuveen. That is roughly $100 million under the property’s analysis, in line with a number of media accounts. This provides to Synergy’s already robust presence within the space, which totals 7 million sq. toes.
The tower final traded 20 years in the past, when Nuveen paid $273 million to Walton Road Capital, in line with CommercialEdge data.
“Amid a difficult actual property market, the addition of 99 Excessive St. displays our long-term conviction in Boston’s energy and resilience,” David Greaney, founder & CEO of Synergy, instructed Industrial Property Govt.
The transaction comes on the heels of a number of different important acquisitions: Synergy bought One Liberty Sq. in September 2023, 1 India St. in January 2024, and 179 Lincoln St. and 101 Arch St. in March.
In September, BGO and Synergy Investments prolonged their mortgage for Middle Plaza, a 741,200-square-foot workplace property in downtown Boston, for $375 million over 4 years.
High workplace asset and site at a reduction
Constructed in 1971, 99 Excessive St. is a 730,208-square-foot workplace tower on the nook of Excessive, Congress and Buy streets. It’s near the Boston Harbor ferry terminal, South Station, the Rose Kennedy Greenway and interstates 90 and 93.
The high-rise has below-grade parking, 25,000-square-foot floorplates and out of doors seating. Greater than 30 eating places and different facilities are lower than 5 blocks away.
READ ALSO: City Workplace Misery Deepens
There are 32 tenants and emptiness was 22 p.c on the time of the sale. The checklist of enormous tenants contains Mercer, Marsh McLennan, AIG and Karuna Therapeutics.
Synergy’s new tower holds a number of certifications, similar to WiredScore Platinum, LEED Gold and Fitwell. Moreover, it benefited from some $24 million in capital enhancements over the previous decade, together with window replacements, facade repairs, dispatch elevators and basic modernizations. The property additionally underwent a complete foyer renovation in 2019, which gave it a relocated nook entry alongside Excessive and Congress streets.
