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Synergy Investments Purchases 10 Milk Street<\/h2>January 15, 2014 - Press Release<\/span>
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BOSTON \u2013 Synergy Investments has acquired 10 Milk St., an 11-story, 230,209-square-foot Beaux Arts-style office and retail building between State Street and Downtown Crossing, the active real estate firm\u2019s 10th property in the Downtown area.<\/p>\n

Synergy acquired the building, at Washington and Milk streets, with partner GreenOak Real Estate, a privately owned real estate investment manager — the eighth property that the two firms have invested in together since 2012.<\/p>\n

The partners acquired 10 Milk St. from Oasis Ten Milk Street LLC in a complex transaction by taking on the defaulted $58 million loan held by a securitized lender. The price was the equivalent of about $252 per square foot, a favorable figure measured against similar properties selling recently for $350 or more per square foot.<\/p>\n

\u201cThis was a complex transaction that took months of focus, discipline, and perseverance to complete,\u201d said Maura Griffith Moffatt, Managing Director of Investments at Synergy. \u201cWe at Synergy Investments see excellent opportunities in this realm today, as these complex loans dating to before the recent recession continue to mature.\u201d Like our other acquisitions, it shows our clear commitment to Boston and our faith in the city\u2019s economic vitality.\u201d<\/p>\n

10 Milk St. was built in 1903, designed by the noted architect A.H. Bowditch on land owned by the congregation of the adjacent Old South meeting House. It has entrances on Milk Street and at 294 Washington St. The two-story marble-appointed lobby underwent a full renovation in 1989.<\/p>\n

With a superb view from School Street, the fa\u00e7ade of the building features elegant symmetrical and classical Greek- and Roman-inspired ornamentation, including columns, cornices and triangular pediments, which bracket both entrances.<\/p>\n

The building is currently 70 percent leased, with a mixture of first-floor retail, traditional office tenants, and some of the sought-after \u201cnew economy\u201d businesses that are being attracted to the vitality of Downtown Boston from Cambridge and the Innovation District. Leases range from 2,500 to 20,000 square feet.<\/p>\n

Retail tenants include 7-Eleven, Johnston & Murphy, and Cosi. Office tenants include Partners Healthcare, Lawyer\u2019s Weekly, and the Trust for Public Land. Entreprenurial occupants include the investment management software company Code Red, the mobile optimization software company SiteSpect, digital design and e-commerce consultant Optaros, and Razilabs, a company that develops apps.<\/p>\n

Synergy plans to add value to the attractive and well-located structure and attract new tenants who want to be at Boston\u2019s center, near the MBTA\u2019s Blue, Green, Orange, and Red lines and near restaurants and entertainment. The building is located virtually at Downtown Crossing, which is undergoing a significant transformation with the Filene\u2019s redevelopment.<\/p>\n

\u201cWe have been focused on this property for more than four years and spent the better part of a year negotiating the complicated assumption of a securitized loan,\u201d said David Greaney, President of Synergy Investments. \u201cIt fits our strategy and vision in Boston, and our team worked hard to make this happen.\u201d<\/p>\n<\/div><\/div><\/div>"