Synergy Investment and Development will buy the vacant 441 Stuart St. in Boston’s Back Bay in an all-cash deal valued at roughly $40 million, according to industry executives.

Boston-based Synergy, which has been actively buying properties downtown and in the Fort Point area of Boston, is expected to close on the deal and purchase the property from Chicago-based real estate operator ST Residential in the coming weeks. Synergy representatives did not return phone calls at press time.

The building was last sold in 2004, when Gold Assoc. and Apollo Real Estate Advisors bought it for $37.5 million. The developers had planned to convert the 163,770-square-foot property into condos, but those plans fell apart. In 2009, Corus Bank of Chicago foreclosed on the property, taking it back at auction for $17 million, according to past Banker & Tradesman reports.

Corus Bank subsequently failed and its assets were seized Federal Deposit Insurance Corporation (FDIC) seized its assets. Greenwich, Conn.-based Starwood Capital Group purchased the bank’s assets in a joint venture with the FDIC. ST Residential is a consortium of Starwood, Texas Pacific Group and others.

The building is a vacant shell right now. Synergy’s plan is to convert the property back into offices "since the Back Bay office market is on fire," said one industry expert.