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Photo courtesy of Synergy
Boston-based developer Synergy made another bet on the future of the office market with acquisition of a 406,928-square-foot office tower in Downtown Crossing.
The $78 million transaction at 101 Arch St. represents a 36-percent discount on the property’s previous sale in 2005 for $121.7 million to Clarion Partners.
On a dollar basis, the deal represents the largest office sale in Boston since before the pandemic.
What else is on tap today?
- New Trains to Arrive Early: With ancient Red Line trains and not enough Orange Line trains causing reliability problems, MBTA officials opted to pay $148 million to solve production problems that should have been fixed “long ago.”
- 524K Warehouse Planned: A Concord developer plans to break ground on a speculative warehouse at a 126-acre site next to Westfield-Barnes Regional Airport.
- Commercial Tax Rate Hike: Boston Mayor Michelle Wu is seeking the option of shifting a larger portion of the city’s property tax levy onto commercial and industrial properties to fill a growing gap in city finances.
Who Gave Back?
North Shore Bank, based in Peabody, gave $20,000 to the Essex Community Foundation to support education, healthcare, economic development and social services initiatives. See who else gave back.
What can I look forward to?
Here are just a few of the things to look forward to in Sunday’s newsletter. Not a B&T subscriber? Change that here.
- Are inventory problems in Massachusetts’ housing markets finally starting to ease? Or is it just a weather-driven fluke?
- The real shocker isn’t that Boston’s mayor wants to protect residential taxpayers. It’s the unprecedented size of her solution.
- A change of ownership at a North Shore architecture firm is opening new doors for its growth.
