Dympna Minnock, sales and marketing director for Synergy, tells GlobeSt.com that the firm's high-priced offer and quick closing terms surpassed other bidders in what she described as an "intense competition" for ownership of the building.
"We thought it was a very solid asset, in a good area with a lot of potential," Minnock says of the acquisition, the firm's first in the Cambridge market.
Jon Gillman, senior vice president of Asset Management for New Boston Fund., says in a statement that the property "has been a solid and consistent performer" during the 10-years the Boston-based seller has owned the property. "The Alewife submarket is strong and we believe it will continue to perform very well."
The property, located adjacent to the Fresh Pond Reservation and a half mile from the Alewife MBTA station, is 87% occupied with a tenant roster that includes Block Financial and Cambridge Trust. It features refurbished common areas, on-site café and 287 parking spaces.
The acquisition was the first this year for Boston-based Synergy and Minnock says the company continues to look for properties in the Boston area. Currently, the firm's portfolio includes 211 Congress St., in Boston, a 77,000-sf office building which it acquired last July, and a 56,000-sf retail and office building at 56 West St. in Boston.
Meredith & Grew represented and procured the buyer in the 10 Fawcett St. transaction. They did not return calls by the deadline.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
