Synergy Recapitalizes Beacon Hill Office Building For $23M: The Boston Deal Sheet
Synergy Investments recapitalized a 146K SF office building it has owned for the last 13 years.
The $23M deal was for 11 Beacon St. in Boston’s Beacon Hill neighborhood, according to public records. The move comes almost 10 years after the last recapitalization of the building.
"Synergy has owned 11 Beacon for more than 13 years, and we are pleased to recapitalize the asset while continuing our long-term ownership of a building we strongly believe in," Synergy CEO David Greaney said in a statement to Bisnow.
Synergy acquired the property in 2013 for $35M from DivcoWest. Three years later, the investment firm recapitalized the property and brought in GreenOak Real Estate as a partner in a $63M deal.
The 14-story building was constructed in 1922 and has "gone through extensive upgrades," including renovation of the lobby and common areas, according to the company’s website. The property also includes a tenant amenity center, including a fitness center and conference space.
The property's tenants include the cocktail bar Carrie Nation, the nonprofit Project Citizenship, and the Kaplan International Languages English school.
SALES
A former church in Revere, now used as a Turkish cultural center, sold for $3.4M and is set to be redeveloped into 112 units, according to public records. Middleton-based Zepaj Development LLC acquired 500 Revere St. from nonprofit Boston Dialogue Foundation.
LEASES
Camber Development and GEM Realty Capital secured a 56K SF lease with apparel company Brunt. The company will occupy a portion of the 126K SF advanced manufacturing facility at 301 Ballardvale St. in Wilmington.
CBRE’s Brian McKenzie and Christian Vallis represented the building’s owners, and Cresa’s Derek Losi and Nathaniel Heilbron represented the tenant.
FINANCING
MassDevelopment issues a $12M tax-exempt bond on behalf of Eagle Hill Foundation of Massachusetts for the development of a two-story, 26K SF dormitory on Eagle Hill School’s campus. The project will create 59 rooms for students and four apartments for the school’s faculty. Construction began in January 2026 and is expected to be completed by April 2027. The project replaces an older dormitory. Cambridge Savings Bank purchased the bond.
PERSONNEL
MassDevelopment hired Michael Sweeney as executive vice president of Devens operations. Sweeney will join the agency later this month. In the role, Sweeney will oversee public safety, public works, recreation and utilities in the community.
Before this role, Sweeney worked as CEO of nonprofit Operation Able. He also held leadership roles at Fletcher Tilton PC and the Massachusetts State Lottery.
CONSTRUCTION AND DEVLOPMENT
VinCo Properties filed plans to demolish a pizzeria in Forest Hills to make way for a 30-unit apartment building. The property is at 3716-3724 Washington St. in Jamaica Plain near the Forest Hills Orange Line station.
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New Jersey-based Poverni Sheikh Group filed plans to redevelop 50B Park St. in Dorchester into a 140K SF self-storage facility. The site consists of a 75K SF, single-story office building and surface parking lot. The developer plans to demolish the existing site to make way for the four-story facility and single-story outbuilding.
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K&CG Properties plans to build a seven-story, 108-unit apartment project at 80 Christopher St. in Dorchester. The project would replace a two-story, 24K SF auto body shop.
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Walmart proposed plans to expand its North Reading location by 61K SF, bringing the total to 216K SF, Banker & Tradesman reported. The expansion would be built on the north side of the building and would include additional parking. The store is at 72 Main St. in North Reading Plaza. The shopping center is owned by RK Centers.
