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Synergy Sells 133 Portland<\/h2>December 17, 2013 - The Real Reporter<\/a><\/span>
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BOSTON \u2014 During its 10 years in existence, Synergy Investments has maintained a holding pattern for its commercial real estate assets, rarely letting go of the many acquisitions made from North Quincy to western Cambridge that have helped give the Boston-based firm a portfolio today in excess of three million sf. With every rule, there are exceptions, however, and Synergy has made one in its disposition of 133 Portland St. in Boston\u2019s North Station, a $7.4 million sale negotiated by Colliers International.<\/p>\n

In acknowledging her firm\u2019s role in trading the sixstory, 30,000-sf office building to another Boston-based firm, the Winhall Cos., Colliers Capital Markets leader Lisa M. Campoli declined to pontificate on why Synergy opted to let go of 133 Portland St., among multiple downtown Boston properties the company has secured since its founding by David Greaney. Campoli does report that the assignment generated widespread interest among suitors from both near and far who are embracing Synergy\u2019s longstanding confidence in the Boston office market. North Station has been especially vibrant and brimming with new construction of office, multifamily and retail since depression of the Central Artery viaduct. \u201cNorth Station is extremely popular right now,\u201d says Campoli, who oversaw the 133 Portland St. listing with Senior VP Gail McDonough, Assistant VP Anthony Hayes and Associate Timothy Mulhall. Portland Street \u201cis right in the path of progress,\u201d conveys Campoli, who predicts the new ownership will benefit from a rising economic tide and changeshttp:\/\/www.paramama.es\/paramama\/tienda_paramama.html in demographics favoring urban environments. \u201cThere are a lot of positive things happening there today, and that did not go unnoticed\u201d by the winning bidders, says Campoli. Research by her firm shows positive net absorption of 35,575 sf over the past 12 months, dropping the vacancy rate for 1.86 million sf to a scant 7.2 percent. At the time of its sale, 133 Portland St. was completely full and has little near-term rollover, according to Campoli.<\/p>\n

Just exactly what prompted Synergy to jettison 133 Portland St. is unclear, with calls to the firm not returned by press deadline. While unusual, the firm has occasionally pruned its portfolio, most recently this summer when its Cambridge building at 10 Fawcett St. was purchased by a partnership of Artemis and Griffith Properties for $31.3 million. That asset was peddled through Cushman & Wakefield.<\/p>\n

For Colliers, the Synergy assignment concludes another diverse season on the sales front, a campaign that featured the $40.3 million purchase of three Worcester laboratory facilities by their client and 151 Campanelli Dr. in Middleborough, which changed hands for $6.1 million to Gravitas Capital Partners in October. Recently, the Capital Markets contingent was awarded the listing for 1900 Crown Colony, a first class 129,000-sf office building being marketed for owner\/occupant<\/p>\n<\/div><\/div><\/div>"