Firm Maps Buying Spree in Boston
A real estate firm wants to double the size of its portfolio by acquiring about 1 million square feet of office buildings in the Boston area over the next 18 months.
Synergy Investment & Development, which was founded in 2003 by David Greaney, owns mid-rise buildings in and around Boston. Its planned buying spree could result in $200 million of acquisitions, depending on the opportunities.
Synergy teams up with wealthy foreign investors on acquisitions, typically putting up 10-50% of the equity. Its risk profile varies from core-plus to opportunistic, depending on the partner.
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