Synergy Acquires 200 Newport Avenue, Quincy MA for $25M
BOSTON, MA – May 16, 2011 Synergy Investment & Development today closed on a $25M acquisition of 200 Newport Avenue in Quincy, Massachusetts, an eight-story, single tenant, Class A office building with a multi-story garage and on-site access to public transportation. The property was sold by ING Clarion Partners with Cushman & Wakefield acting as broker. Financing for the deal was arranged by C&W through a mortgage from Principal Financial Group.
Known alternatively as the Josiah Quincy Building, 200 Newport Avenue is fully leased to State Street Corporation, a leading global financial services company. The property comprises 145,752 square feet in office space, 360 parking spaces in the adjacent three-story garage, and a further 103 parking spaces available on a surface lot. The 2.2 acre parcel sits just six miles south of downtown Boston and includes direct onsite access to public transportation (the MBTA's North Quincy station), while access to Boston's main North/South artery, U.S. Interstate 93, is just one mile away. Completed in 1984, the building underwent a $6M renovation in 2005/2006, an extensive redevelopment that included the installation of a new roof, a major overhaul of the HVAC system, and the addition of a new backup generator.
In announcing the deal Synergy President Dave Greaney welcomed what he described as a natural addition to the company's portfolio. "200 Newport Avenue is a Class A office building that combines the outstanding accessibility of an urban location with conveniences and amenities not typically available in the metro marketplace. It's a particularly good fit with our portfolio." The fact that it came fully leased to a high profile tenant in State Street Corporation was, he said, an added bonus. "Synergy is a Boston company and State Street represents one of the city's most respected names. We are proud of the association and look forward to offering them the same high level service that has earned us our own reputation."