Synergy Adds Chauncy Street Landmark to Portfolio
BOSTON, MA – August 15, 2011 – Synergy Investment & Development is pleased to announce the successful acquisition of 99 Chauncy Street in downtown Boston for $13M. The seller was Daniel Levin and Penny Levin, Trustees of the Textile Building Trust, and the purchase was financed through a mortgage from Brookline Bank. Grubb & Ellis represented the seller and brokered the transaction.
99 Chauncy Street stands at the nexus of the city’s financial and cultural districts. The eleven-story property encompasses 97,236 square feet of premium office and retail space, of which 15,000 square feet is currently available to lease. The property’s central location offers easy accessibility to public transportation with three MBTA stops within close proximity. Situated just blocks from both Boston Common and the commercial hub at Downtown Crossing, 99 Chauncy Street is part of a vibrant and improving landscape that includes some of the areas best hotels, restaurants and theaters. High ceilings and an abundance of natural light complement the property’s period features and marble hallways. Commenting on his firm’s most recent acquisition, Synergy President Dave Greaney said that, “in terms of location and value, 99 Chauncy Street is one of the most attractive assets to come to the Boston market this year. Synergy is delighted to be linked to this piece of Boston history.”
Constructed in 1917 and known for many years as the Textile Building, the property served as the centerpiece of the city’s thriving textile industry in the early twentieth century. The site’s real historical significance, however, stems from its link to inventor of the telephone, Alexander Graham Bell. It was here in 1876 that Bell made the first successful telephone call, issuing his famous line, “Mr. Watson, come here, I want to see you” to his colleague in the next room. A plaque commemorating the call may be found on the Avenue De Lafayette façade of the building.