Synergy Sells 101 Summer Street for $11.5M<\/h2>May 23, 2011 - Press Release<\/span>

BOSTON, MA \u2013 23 May, 2011 \u2013 Synergy Investment & Development is pleased to announce the sale of 101 Summer Street, Boston to a Synergy\/Independencia joint venture partnership. Today\u2019s announcement comes after a highly effective repositioning of the building that has seen the asset\u2019s market value increase from $5.7M to $11.5M in a period of just over 12 months. While Synergy has liquidated a portion of its investment in the property, it will continue to retain an ownership stake, and will have full responsibility for the asset\u2019s operation. The sale marks the firm\u2019s fourth successful transaction with Independencia.<\/p>\n

Synergy originally purchased the predominantly vacant 50,673 square foot Church Green Building for $5.7M in May 2010. The firm then mounted an intensive and highly successful leasing campaign and, capitalizing on the property’s superior quality and location, restored the building to 96% occupancy. Commenting on the property and his firm\u2019s continued involvement in its operation, Synergy President Dave Greaney remarked, \u201cthis is a great asset with fantastic tenants and strong cash flow. We are confident that it will continue to perform well in the future and are delighted to have the opportunity to stay involved with the building.\u201d He commended the Synergy team and CB Richard Ellis\u2019s Bill Crean, Kevin Kennedy and Andrea Matteson for their work in the successful repositioning.<\/p>\n

Constructed in the immediate aftermath of the Great Fire of 1872, the Church Green Building at 101 Summer Street sits in the heart of Boston\u2019s Financial District. Located near the intersection of Interstates 90 and 93, the building offers easy access to three MBTA lines and to the Commuter Rail and Amtrak services at South Station, the city\u2019s busiest transportation hub. The property\u2019s superior accessibility and quality is such that, even as it approaches 100% occupancy, 101 Summer Street continues to excite consistent interest from potential retail and office space tenants.<\/p>\n

Synergy is a Boston-based real estate investment and development firm focused on the acquisition and operation of office, retail, and residential assets, and their associated debt. The firm\u2019s specific capabilities include acquisition, debt placement, asset management, leasing, property management, permitting, and construction management. Known for its consistently superior performance, Synergy has had a particularly strong record of success on behalf of their foreign equity partners. To date, the firm has completed over $500 million in acquisitions. Synergy\u2019s current portfolio encompasses over 1.4 million square feet across 17 properties in metropolitan Boston. The firm provides space to over 150 companies, and has, since its 2004 founding, maintained an average portfolio occupancy of greater than 95%. Synergy\u2019s reputation for active management and consistent execution contributed to its being named CBA Landlord of the Year 2010.<\/p>\n<\/div><\/div><\/div>"