Synergy Executes $31.3M Purchase of 100 Hancock St., Quincy, MA
BOSTON, MA – July 14, 2011 – Synergy Investment & Development today announced the purchase of HarborSouth Tower, a LEED-certified, Class A office building located at 100 Hancock Street in Quincy, Massachusetts. The seller was Griffith Properties LLC with Cushman & Wakefield acting as broker. Financing for the $31.3M sale was arranged by Holliday, Fenoglio Fowler through a mortgage from People’s United Bank. The acquisition marks Synergy’s second recent purchase in Quincy (after May’s purchase of 200 Newport Avenue).
HarborSouth Tower is a transportation-friendly, ten-story Class A office building comprising of 204,750 square feet in office space. The property includes 687 on-site parking spaces, over half of which are in a new multi-story garage facility. Enjoying unobstructed views of Boston’s skyline, the building has attracted an exceptional tenant roster including MFS Investment Management (Sun Life), Affiliated Computer Services (Xerox), and the Executive Office of Health and Human Services (Commonwealth of Massachusetts). Current leasing availability includes 2,640 square feet on the ground floor and 23,625 square feet on the 9th floor. Welcoming his firm’s purchase of the property, Synergy President Dave Greaney commented, “HarborSouth presented a very attractive win-win for Synergy in terms both of the quality of the building itself and the quality of its tenants. We are extremely confident that the asset’s superior location, LEED certification and amenities will maintain HarborSouth as a building actively sought after by large block tenants in the market.”
Located six miles south of Boston’s Financial District, 100 Hancock Street enjoys all the benefits of a downtown setting – including easy access to public transportation – while offering the convenience of abundant on-site parking. It sits minutes from Boston’s main North/South artery (U.S. Interstate 93), and a short 5 minute walk from the MBTA’s North Quincy Red Line station. Constructed in 1983, the property recently underwent an extensive $16M renovation, a redevelopment that included the installation of a new HVAC system, new state of the art windows, an energy management system and the construction of an on-site three-story parking structure. The building was subsequently awarded LEED Core & Shell Silver Certification from the USGBC, a classification typically reserved for new builds. The 2008 capital improvement project also included a complete lobby renovation and the addition of new best-in-class amenities such as a full-service cafeteria, fitness center and shared conference facility.