BOSTON—In the third sale of the property in the last 11 years, Synergy Investments has sold the 100 Franklin St. office and retail building here for $48.75 million to New York City-based Clarion Partners.
The nine-story 124,055-square-foot property was at one time home to the former Boston Stock Exchange. Synergy Investments is a tenant in the building that is close to fully occupied.
Cushman & Wakefield reported the sale of the property. The C&W team, led by president Robert Griffin, vice chairman Edward Maher and executive director Matt Pullen, oversaw the transaction on behalf of Synergy Investments.
Clarion Partners could not be reached for comment at press time. Synergy acquired 100 Franklin St. in 2008 from Oasis Development Enterprises of Needham, MA for $33.75 million, according to the Boston Business Journal. Oasis purchased the building in August 2004 for $19.5 million.
“100 Franklin Street has a storied history of strong tenancy, consistently attracting some of the region's most recognized names, such as Webster Bank,” says Cushman & Wakefield's Pullen. “The building is currently 93% occupied to a diverse tenant roster with below-market rents, presenting a desirable combination of durable in-place income and notable upside potential.”
The limestone and marble building is located just two blocks from Post Office Square and seven blocks from the Boston Common.
Headquartered in New York, Clarion Partners has offices in Atlanta, Boston, Dallas, London, Los Angeles, São Paulo, Seattle and Washington, DC, as well as a presence in Mexico. The firm has nearly $35 billion in total assets under management.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
