Synergy has successfully acquired the 32-story tower at 99 High St. for $227 million, a transaction significantly lower than both the 2005 purchase price of $273 million and the assessed value of $373.7 million. The property, which is 78% leased, has seen over $24 million in renovations and continues to attract prominent tenants. However, the decline in real estate values raises concerns about Boston's property tax revenue, crucial for the city's budget, as over two-thirds of the revenue is derived from property taxes.
“The addition of 99 High Street to our portfolio solidifies Synergy's prominence as one of Downtown Boston's premier owners and operators,” said David Greaney, founder and CEO of Synergy.
Synergy has bought several properties at a discount, including 101 Arch St. for 36% less and 179 Lincoln for 40% less than prior purchase prices.
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