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Japanese Investors Acquire Boston Office Building For $79M

Jul 28, 2015 | Reprints | Unlock Link | Print

Boston-based Synergy Investments has sold its 2 Oliver St. office mid-rise in Boston’s Financial District to a Japanese investment group for $79 million.

Synergy acquired the 11-story, 223,372-square-foot building for $52 million from Saracen Properties and AEW in December 2012, when it was 75 percent leased. Since then, Synergy has increased the occupancy rate to 96 percent while renovating and updating the building.

Built in 1903, the building has approximately 45 tenants. Synergy’s strategy was to reposition the building to attract New Economy tenants, President David Greaney said in a statement. Current tenants include Elysium Digital and erecruit.

Tokyo-based NTT Urban Development Corp. acquired the building as majority partner in a joint venture with Synergy, which will continue to manage the building.

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