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Synergy pays $53M for three Seaport District properties<\/h2>May 31, 2013 - Boston Business Journal<\/a><\/span>
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Thomas Grillo –\u00a0Real Estate Editor, Boston Business Journal<\/p>\n

Synergy Investments and\u00a0DivcoWest\u00a0have teamed up to buy a pair of office buildings and a parking garage in Boston\u2019s Seaport District from the\u00a0Archon Group\u00a0for $53 million.<\/p>\n

The sale includes 319 A Street, a 48,000-square-foot office building, 327-337 Summer St., a 106,000-square-foot office building, and the 657-space Necco Street Garage. The transaction represents the last remaining sale of assets in the 17-property portfolio, originally purchased by the Archon Group from the Boston Wharf Co. in 2005.<\/p>\n

\u201cWe are very pleased to partner with DivcoWest on the acquisition of these three assets,\u201d said\u00a0David Greaney, Synergy\u2019s president, in an email. \u201cOur joint knowledge of the market, combined with our existing holdings and relationships will enable us to execute our business plan and create value for our respective investors.\u201d<\/p>\n

He declined further comment.<\/p>\n

Boston-based Synergy, a real estate investment and development firm, has been on a buying spree. The company owns 2.5 million square feet in more than two dozen office properties in the Hub. Of that number, nearly one million square feet are in Seaport, according to county records.<\/p>\n

In January, Synergy bought 11 Beacon St., the 12-story building with 146,000 square feet of offices at the edge of the Financial District for $34.9 million from DivcoWest, a privately-owned real estate investment firm with offices in Boston.<\/p>\n

Last year, Synergy purchased Two Oliver for $52 million, 441 Stuart St. in Boston\u2019s Back Bay for $40 million, 250-260 Summer St. in Seaport for $25 million, and the troubled InterContinental Garage on Boston\u2019s waterfront for $15 million. In 2011, Synergy bought 99 Chauncy St. in downtown Boston for $13 million.<\/p>\n<\/div><\/div><\/div>"