Synergy lands Quincy's HarborSouth for $31M
Synergy Investment & Development of Boston has pulled the trigger on a $31.3 million deal to acquire the 205,000-square-foot HarborSouth office complex on Hancock Street in Quincy.
The transaction closed July 14 and saw the seller, a partnership run by Griffith Properties of Boston and Urdang Capital Management of Pennsylvania, collect a hefty premium over the $17.4 million it paid for the same property four years earlier. Nonetheless, recent and costly renovations to the property appear to have made last week’s sale a bit of a break-even proposition for the Griffith and UCM investment entity.
This article originally published by Craig M. Douglas in the Boston Business Journal, Tuesday, July 19, 2011. Download PDF of complete article.