This Week's Boston Deal Sheet
One of the largest office landlords in Boston has acquired a mixed-use building near Faneuil Hall for $62M.
Synergy acquired One India St. from Chicago-based Equity Residential, according to public records. The building includes the 94-unit apartment building One India Apartments, 20K SF of offices and restaurants Tiki Rock and Bostonia Public House.
"This acquisition affirms our commitment to the importance of a vibrant urban landscape in our city which includes a cohesive mix of work, live and play," Synergy Executive Vice President Matthew Godoff said in a statement to the Boston Business Journal.
The property had been converted to residential in the 1990s and underwent renovations shortly before the pandemic. Synergy partnered on the acquisition with NTT UD USA Inc., a Japanese telecom company, the BBJ reported.
Synergy's Greater Boston portfolio totals over 4.5M SF across office, retail, multifamily and hospitality assets, according to its website. The firm bought an office building at One Liberty Square, which sits just a couple of blocks from One India St., for $45M in September.
SALES
ExchangeRight acquired a 71K SF, single-tenant retail property in Fall River occupied by Stop & Shop for $13M. CBRE's Nat Heald and Jordana Rice Roet led the team that represented the sellers, Winstanley Enterprises and Surrey Equities. An affiliate linked to the sellers bought the property in 2001 for $11.8M, the Boston Business Journal reported.
LEASES
Global Protection Corp., Wash Cycle Laundry and Sky Chefs signed leases totaling 110K SF at A.W. Perry's Lynnway Park in Lynn. The 250K SF flex industrial property has another 40K SF for lease. The building has also gone through significant redevelopment, in partnership with Foxfield and the Bank of New England, to include a warehouse, manufacturing, food processing/preparation, flex, office and lab uses.
***
M&T Bank Corp. signed a 15-year, 39K SF lease at MP Boston's Winthrop Center, moving from One Post Office Square, the Boston Business Journal reported. The new office can occupy roughly 180 employees, which the bank intends to use to grow its footprint. CBRE represented MP Boston, and Cushman & Wakefield represented M&T Bank.
PERSONNEL
Synergy hired Patrick DiGregorio as senior vice president of property management and Brian Collins as executive vice president and head of asset management. DiGregorio joined Synergy from Nordblom, where he held the role of vice president of property management. In his new role, he will oversee the property management and building engineering teams at the company.
Collins joins the team from Clarion Partners, where he acted as senior vice president and asset manager. In his new role, he will oversee the asset management and leasing teams for the firm's Greater Boston portfolio.
***
WinnCos. promoted three members to vice president roles in its property management, sustainability and development teams. Michael Milko was promoted to executive vice president for WinnResidential, Christina McPike was promoted to vice president of energy and sustainability, and Ramie Schneider was promoted to associate vice president for WinnDevelopment.
CONSTRUCTION & DEVELOPMENT
On Thursday, the Boston Planning & Development Agency approved six new development projects that would bring 1.2M SF and 348 residential units. Notable projects include Core Investments' first phase of its "On The Dot" development at 495 Dorchester Ave., which would build more than 300 housing units in south Boston, and IQHQ's 103 North Beacon St., a 245K SF life sciences building in Allston.
The agency also approved PLAN: East Boston, which focuses on affordable housing production, climate change preparedness, and increased transportation and mobility options, as well as adopted the Allston Brighton Needs Assessment report.
***
Calare Properties completed its redevelopment of 325 Foxborough Blvd., an 80K SF office building in Foxborough. The landlord fully upgraded the two-story property for tenant NECI, and the office will act as its corporate headquarters. Calare purchased the then-vacant office building in November 2022.
***
EOS Hospitality plans $40M in renovations for three of its Yarmouth hotels on South Shore Drive: Red Jacket Beach Resort & Spa, Blue Water Resort and Riviera Beach Resort. The renovations include remaking the combined 400 guest rooms and pivoting to suites that can fit up to eight people, the Boston Business Journal reported. The renovations are expected to be completed by Memorial Day.
