BOSTON, MA. – November 10, 2014 – DivcoWest and Boston-based Synergy Investments have completed the purchase of 55 Summer Street, an approximately 125,000 square foot, fully-leased office building in Boston’s Downtown submarket.
This is the fifth building the partners have acquired in the downtown area in recent months. Last month, DivcoWest and Synergy closed on 38 Chauncy Street, a 152,000 square foot office building, and earlier this year purchased 71, 77 & 87 Summer Street, a three-building portfolio totaling approximately 90,000 sf.
Like the earlier acquisitions, the property sits near to the Downtown Crossing and South Station MBTA stations, providing tenants’ with close access to public transit infrastructure, especially the Red Line subway.
DivcoWest also recently purchased nearby One Winthrop Square in December 2013. Synergy owns and operates numerous buildings in Downtown Boston, including 101 Summer Street, 99 Chauncy Street, 100 Franklin Street and 294 Washington Street, which it acquired in January of 2014.
DivcoWest was founded by Stuart Shiff, who founded DivcoWest Properties in 1993. DivcoWest is a vertically-integrated operating company with approximately 80 employees that provides asset, property and construction management and leasing services and has offices in the San Francisco Bay Area, Los Angeles, and Boston. DivcoWest is comprised of a dedicated group of professionals with extensive experience in sourcing, structuring, acquiring, financing, developing, redeveloping, managing, leasing and selling primarily commercial real estate and other real estate-related assets. DivcoWest employs a disciplined approach to investing on behalf of a broad base of U.S. and non-U.S. public and corporate pension funds, institutional investors and high net worth individuals, with a focus on creating value through prudent acquisitions, active management and well-timed sales. www.divcowest.com
Synergy Investments is a Boston-based real estate investment and development firm founded by David Greaney in 2004. Synergy is focused on the acquisition, repositioning and operation of commercial office buildings in the Boston market. The firm’s capabilities include acquisition, debt placement, asset management, leasing, property management, permitting and construction management. Its current portfolio encompasses approximately 3.5 million square feet primarily in the City of Boston providing space to over 400 businesses and organizations. Synergy is an active member of the Boston business community and has been recognized as Landlord of the Year by the Greater Boston Commerical Broker’s Association. In addition to its reputation for active management and consistent execution, Synergy supports numerous civic and business organizations that make a positive impact on the City of Boston. For more on Synergy Investments, please visit www.synergy-inv.com.