Nuveen Sells Boston High-Rise for $227M
Synergy has acquired 99 High Street, a 32-story Class A office tower in Boston’s Financial District, for $227 million from Nuveen. This is roughly $100 million below the property’s evaluation, according to multiple media accounts. This adds to Synergy’s already strong presence in the area, which totals 7 million square feet.
The tower last traded two decades ago, when Nuveen paid $273 million to Walton Street Capital, according to CommercialEdge information.
“Amid a challenging real estate market, the addition of 99 High Street reflects our long-term conviction in Boston’s strength and resilience,” David Greaney, founder & CEO of Synergy, told Commercial Property Executive.
The transaction comes on the heels of several other significant acquisitions: Synergy purchased One Liberty Square in September 2023, 1 India Street in January 2024, and 179 Lincoln Street and 101 Arch Street in March.
In September, BGO and Synergy Investments extended their loan for Center Plaza, a 741,200-square-foot office property in downtown Boston, for $375 million over four years.
Top office asset and location at a discount
Constructed in 1971, 99 High Street is a 730,208-square-foot office tower at the corner of High, Congress, and Purchase streets. It is close to the Boston Harbor Ferry terminal, South Station, the Rose Kennedy Greenway and interstates 90 and 93.
The high-rise has below-grade parking, 25,000-square-foot floorplates and outdoor seating. More than 30 restaurants and other amenities are less than five blocks away.
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There are 32 tenants and vacancy was 22 percent at the time of the sale. The list of large tenants includes Mercer, Marsh McLennan, AIG and Karuna Therapeutics.
Synergy’s new tower holds a host of certifications, such as WiredScore Platinum, LEED Gold and Fitwell. Additionally, it benefited from some $24 million in capital improvements over the past decade, including window replacements, facade repairs, dispatch elevators and general modernizations. The property also underwent a comprehensive lobby renovation in 2019, which gave it a relocated corner entry along High and Congress streets.
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