Real Estate Synergy Investments have purchased 10 Milk St. for $58
million
The real
estate industry keeps building upon previous successes in an array
of ways. From there seemingly being new developments ready to be
constructed, to a relentless sales market where both the amount of
transactions and prices are still up, to even the commercial
sector, much is to be optimistic and proud about. It was the latter
that recently made headlines as 1-3 Center Plaza in
Bostons Government Center sold for a lofty $307 Million. Now,
nearby at 10 Milk Street, an 11-story office and retail tower in
the Financial District has sold for $58 Million.
The new owners, Synergy Investments, has bought the
building from Oasis Development Enterprises out of Lynn,
Massachusetts. A 230,209 square foot Beaux Arts-Style landmark of a
building, the new acquisition was also partnered with GreenOak Real
Estate, a real estate investment manager based out of New York.
What happened is Oasis defaulted on their $58 Million loan
originally issued by Merrill Lynch Mortgage Lending. It was back in
2004 when they purchased this gorgeous 111-year old building for
$57 Million, and then refinanced it with Merrill Lynch just three
years later when the building was then thought to be worth $80
Million.
The property was built in 1903 after being marvelously
designed by A.H. Bowditch, and can be accessed along Milk Street
and Washington Street. There is a lovely two-story lobby that was
most recently renovated in 1989, while the classical and
symmetrical Greek and Roman-inspired facade with cornices,
triangular pediments, and columns have all been kept in good
shape.
Some of the current tenants include well known firms such as
Johnston & Murphy, Cosi, 7-Eleven, Partners Healthcare, the Trust
for Public Land, Lawyers Weekly, Optaros, Razilabs, SiteSpect, and
Code Red. With the commercial market continuing to develop in this
new year be it from future buildings or the trading hands of
current facilities, Synergy has actually been one of the most
active investors in the Hub. Just last year they teamed up with
DivcoWest to purchase two office buildings and a parking garage in
Bostons booming Seaport District for $53 Million. They also
purchased 11 Beacon Street, a 12-story office tower in the
Financial District for $34.9 Million. Finally, Synergy added Two
Oliver for $52 Million, 441 Stuart Street in the Back Bay for $40
Million, 250-260 Summer Street in the Seaport District for $25
Million, and the InterContinental Garage along the Boston
Waterfront for $15 Million. It is certainly safe to say that these
individuals believe in the future of Boston, and given all of our
success stories in the economy and real estate industry over the
past two years, who wouldnt.
More Information: Boston Business
Journal