Synergy Snags West End Office Building For $22.5M: The Boston Deal Sheet
Synergy has bulked its Boston office portfolio with another acquisition on Friday.
The office landlord acquired a 10-story, 159K SF property at 101 Merrimac St. for $22.5M, according to deed records. The seller was H.N. Gorin Inc.
The building is home to Brigham and Women's Hospital Benefits Office. It features a six-story atrium and a 55-space parking garage.
"This acquisition expands our value-add portfolio and positions us to fully realize the building’s potential through thoughtful upgrades and proactive asset management," Synergy Head of Investments Matthew Godoff said in a statement.
Boston last assessed the building's value at $64M, the Boston Business Journal reports.
In 2020, H.N. Gorin and partner Artemis Real Estate Partners announced they had secured a $64.5M refinancing deal for the property. The floating-rate loan was secured through Société Générale.
The sale is the latest in a string of acquisitions made by Synergy within a period of lower office valuations during and after the coronavirus pandemic.
In the last couple of years, Synergy has acquired 99 High St., 179 Lincoln St., 101 Arch St. and One Liberty Square. The office landlord has also invested in new upgrades to its 10 Post Office Square building.
SALES
Ohio-based Welltower acquired adjacent senior housing centers for a total of $140M, the Boston Business Journal reported. The firm bought both the Waterstone of Lexington and Bridges by EPOCH at Lexington from National Development. The 221K SF Waterstone property sold for $119M, and the Bridges property sold for $21M.
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Pinehill Apartments, a 260-unit apartment complex in Plymouth, sold for $122M to Berkadia Residential Investments, Banker & Tradesman reported. Houston-based The Hanover Co., the original developer, was the seller in the deal.
The 276K SF complex is located on a 7.4-acre parcel. Community amenities include open-air lounges and a swimming pool.
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An entity linked to Mesirow Financial acquired a 206-unit apartment complex, The Watertown Mews, at 555 Pleasant St. in Watertown for $107M, according to deed records. PGIM Real Estate was the seller in the deal.
The Watertown Mews held its grand opening in 2014. Mill Creek Residential developed the project.
LEASES
TechTarget renewed its 34K SF headquarters lease at Greatland Partners and Barings' 275 Grove St. in Newton. The renewal comes after TechTarget merged with another publishing conglomerate, Informa, in 2024.
Cushman & Wakefield's Adam Ardise, Michael Leary, Kevin McNamara and Ross Gaudet represented the tenant. CBRE's Ron Friedman and Perry Beal represented the landlord.
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Dentsply Sirona renewed its 84K SF lease at Hobbs Brook Real Estate's 590 Lincoln St. in Waltham, BBJ reported. The company has leased the entire building since 2017. The building is part of Hobbs Brook's larger 2M SF, 11-building Waltham campus.
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Curium Pharma signed a 7K SF lease at Pembroke's 2 Seaport Lane. The location will act as the biotech company's global headquarters and help support its international team's cancer research.
Hunneman's Peter Bean and Steve James led the team that represented Curium.
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BluePearl Pet Hospital signed a 20K SF lease at The Hamilton Co.'s 659 Worcester Road in Framingham. The pet hospital provides 24-hour-emergency care and speciality services. The plaza is anchored by a Trader Joe's and a 99 Restaurant.
CBRE's Ryan Minihan represented the tenant, and The Hamilton Co.'s Carol Rash represented the landlord.
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Four tenants signed over 101K SF in leases at 300 and 600 Federal St. in Andover. Of the leases, 54K SF were new leases and 47K SF were renewals. Technology Greenhouse and Integrated Gastroenterology Consultants relocated from other buildings.
CBRE's Don Domoretsky, Alex Plaisted and Jack Scribner represented landlords Celera Properties and True North Management Group.
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Biotech GSK has signed a full-building lease at the 222K SF 200 CambridgePark Drive in Cambridge that is set to hold roughly 400 workers, BBJ reported. The building is owned by a fund managed by Morgan Stanley Real Estate Investing.
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Climate tech company Lydian signed a 25K SF lease at the 20-acre Hood Park in Charlestown. The space will act as Lydian's R&D Center of Excellence.
CONSTRUCTION AND DEVELOPMENT
After a seven-year process, the Newton City Council finally voted to approve Mark Development's Riverside project, the Newton Beacon reported. It was the fourth version of the events to go before the city for approval.
With the latest, scaled-back iteration of the project, Riverside would include some 750 units of housing and 20K SF of ground commercial/retail space.
This plan decreased the size of the project by more than 100K SF, while increasing its planned housing by some 200 units. The developer also eliminated the hotel and office and lab space from previous versions.
PERSONNEL
The Davis Cos. hired Andrea "Andi" Simpson as executive vice president of creative, brand and communications. In her new role, Simpson will oversee all aspects of Davis' external communications.
Prior to this role, Simpson served as senior vice president of creative and marketing strategy at Samuels & Associates. She was also responsible for marketing for Federal Realty, Boston Properties, General Growth and Urban Edge Properties.
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The Architecture Team promoted Thomas Schultz to managing principal. Schultz acted as principal before the promotion and has served 23 years at the company.
Schultz has led several high-profile projects, including Converse's Lovejoy Wharf global headquarters, and several affordable housing developments, including Flat 9 at Whittier.
