Worcester Business Journal
Boston developer Synergy Investments, which owns The Glass Tower at 446 Main Street has purchased two more Worcester office buildings, including another high rise, at One and Two Chestnut Place for $10.5 million.
The 273,304 square-foot complex is home to insurer Fallon Health and is 80% leased, according to Worcester brokerage Kelleher & Sadowsky Associates, whose James Umphrey and Brian Johnson represented buyer and seller.
“All of the dynamics that initially attracted us to the city are still in place today. Worcester’s prestigious schools and hospitals, strong city government, the expanding transportation network and growing amenity base are catalysts for continued investment in the city,” Synergy CEO and founder David Greaney said in Thursday press release from the company.
One Chestnut Place, at 10 Chestnut St., is an 11-story office building built in 1990. Two Chestnut Place is a 19th century three-story building renovated in the 1980s to offer 38,844 square feet of office space.
The seller was a California-based private equity commercial real estate firm, Hertz Investment Group. Hertz purchased the property in 2015 along with a parking lot at 55 Elm St. for $14 million.
Synergy purchased the 24-story tower at 446 Main St., formerly known as Worcester Plaza in 2019 for $16.5 million. Synergy Vice President Ryan Chamberlain, told the crowd at a 2020 Worcester Regional Chamber of Commerce event the company had its eyes on other properties in the city.
“Despite the challenges that the pandemic has presented we continue to see great potential in the city of Worcester. This acquisition reaffirms our commitment to the community in what we anticipate will be a great long-term partnership, Chamberlain said in a Thursday press release.
Worcester Regional Chamber of Commerce CEO Timothy Murray told WBJ that Synergy buying the property a positive development.
“As we saw with 446 Main St., they come in not to simply acquire property, but to make improvements and invest in the property,” said Murray.
By Timothy Doyle