by Tim Logan<\/p>\n
Boston\u2019s Old City Hall will soon have a new landlord.<\/p>\n
Local developer David Greaney has a deal in place to take over a long-term lease for the historic building on School Street, according to documents filed with the Boston Planning & Development Agency. The property is still owned by the city of Boston but the Architectural Heritage Foundation has run it under a long-term lease that Greaney acquired for $30.1 million.<\/p>\n
Greaney and the foundation agreed to spend $5 million on repairs and upgrades over the next three years, while Architectural Heritage will use another $5.3 million from the deal to fund other historic preservation projects in Boston.<\/p>\n
The deal is set to be approved Thursday by the BPDA before it can close. The building served as Boston\u2019s seat of government for a century until the current City Hall was built in the mid-1960s. AHF took it over in 1970, rehabbed it and has operated it as offices with a restaurant on the ground floor.<\/p>\n
Greaney\u2019s Synergy Investments specializes in buying and upgrading older office buildings in downtown Boston and recently purchased the massive Center Plaza complex. At Old City Hall, Greaney said in a statement, he understands \u201cthe significant historical importance\u201d of the property and \u201cthe obligations that come with that, and look forward to enhancing both our tenants\u2019 and the public\u2019s experience.\u201d<\/p>\n<\/div><\/div><\/div>"