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Synergy closes on $365M Center Plaza acquisition<\/h2>April 12, 2017 - Boston Business Journal<\/a><\/span>
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by Catherine Carlock<\/a><\/p>\n

Boston-based real estate firm Synergy Investments has closed on its $365 million acquisition of 1-3 Center Plaza, the sprawling, curved office and retail complex adjacent to Boston’s Government Center, according to a Suffolk County deed. The 741,000-square-foot office and retail complex, located adjacent to Boston’s Government Center, includes 525 parking spaces.<\/p>\n

The Business Journal first reported on the pending transaction last month.<\/p>\n

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Synergy bought Center Plaza from Shorenstein Properties of San Francisco, which itself had bought the complex in 2014 for $307 million. Shorenstein had planned a $25 million refurbishment at Center Plaza, but work never fully commenced.<\/p>\n

Center Plaza rises nine stories and is spread across three separate buildings, with a retail base and 525 parking spaces. The $365 million deal to acquire the 741,000-square-foot complex is the biggest yet for Synergy.<\/p>\n

Center Plaza is about 60 percent occupied to tenants including Localytics and Salsify Inc. The office was formerly home to the Federal Bureau of Investigation Boston Division, which recently moved to Chelsea.<\/p>\n

Synergy was recently part of a deal to recapitalize of 10 Post Office Square, a deal valued at $188.1 million. The 14-story office was previously jointly owned by Synergy and GreenOak Capital. Chicago-based LaSalle Investment Management acquired the property; Synergy is staying on as a joint venture partner in the deal and will stay on as the building\u2019s operating partner.<\/p>\n<\/div><\/div><\/div>"