Irish Group Seen Buying Office Building

BOSTON-Having last week bought another Boston office building for nearly $12 million, an investment group fueled by Irish capital has reportedly emerged victorious in a spirited competition to purchase 100 Franklin St. in the Financial District. The nine-story, 117,000-sf property is among the city’s most historically significant commercial structures, and has undergone substantial capital improvements in recent years while also changing hands three times in the past decade.

“That’s pretty good information,” one source tells GlobeSt.com of rumors that Synergy Investment & Development has outpaced a bevy of bidders vying for 100 Franklin St., which is owned by Asian entrepreneur Raymond C. Lee. Other sources concur, and say Synergy and the seller are now in negotiations and working towards a closing. Sources could not provide a price range, but a Lee spokesman had indicated in previous comments that 100 Franklin St. was expected to fetch nearly $40 million. Lee’s affiliate, Oasis Development Enterprises, acquired the building in 2004 for $19.5 million.

Cushman & Wakefield is brokering the sale for Oasis, but members of the real estate firm’s Capital Markets Group did not respond to inquiries regarding 100 Franklin St. Equally mum are officials at Boston-based Synergy, who also did not comment for the GlobeSt.com story regarding the acquisition of 100 North Washington St. for $11.7 million from A.W. Perry Co. Synergy was founded in 2005 by Irish native David Greaney and already controls several buildings close to 100 Franklin St., including 211 Congress St., 27 School St. and 141 Tremont St.