Synergy Investment & Development announces purchase of 253 Summer Street

Boston, Mass. (December 20, 2010) – Synergy Investment & Development announced today the purchase of 253 Summer Street, Boston, MA from Boston HSR South Boston, LLC. The 175,000 square foot office asset includes the buildings at 253 Summer street and 27 Melcher street and was purchased for $40 Million. Robert E. Griffin, Jr., Edward C. Maher, Jr., David J. Pergola and David A. Martel of Cushman and Wakefield of Massachusetts represented the seller.

This purchase marks Synergy’s third transaction of 2010, following their purchases of 101 Summer Street, Boston, MA and 10 Fawcett Street in Cambridge, MA. “Our investment in 253 Summer Street adds a quality, well leased asset, located at the gateway to Boston’s Innovation District to our growing portfolio. The building’s tenants represent several industry leading and highly regarded Boston companies including Neighborhood Health Plan, DST Systems and Skanska ”, said Synergy Investment founder and president, David Greaney. “We would also like to thank the Seller and Cushman & Wakefield for their assistance in closing this transaction.”

The brick and beam asset occupies a city block located along the Fort Point Channel and is two blocks from South Station, Boston’s major public transportation hub. Originally constructed in 1902 as two dry goods warehouse buildings, the six story asset has undergone extensive redevelopment in 1986 and 1999. The property is 92% leased.