Just a year after Synergy Investment & Development purchased 101 Summer St. in Boston, the firm has sold off the building to a Synergy/Independencia joint venture partnership.

After repositioning the building, the asset’s market value increase to $11.5 million from $5.7 million in a period of just over 12 months, according to a statement.

While Synergy has liquidated a portion of its investment in the property, it will continue to retain an ownership stake, and will have full responsibility for the asset’s operation. The sale marks the firm’s fourth successful transaction with Independencia.

Synergy originally purchased the predominantly vacant 50,673-square-foot Church Green Building for $5.7M million in May 2010. The firm then mounted a leasing campaign and restored the building to 96 percent occupancy.

"This is a great asset with fantastic tenants and strong cash flow. We are confident that it will continue to perform well in the future and are delighted to have the opportunity to stay involved with the building," said Synergy President Dave Greaney.