Boston, MA Colliers International has facilitated the $21.8 million sale of Synergy Investment’s 26 West St. to buyer, Eden Properties. Collier represented the seller, Synergy. The 53,000 s/f, fully stabilized office and retail asset is located in the Ladder District neighborhood between the Downtown Crossing and Park Street MBTA stations, offering public transit access. With over two-thirds of the building long-term leased to government, union, SEIU and the remainder first class retail space, 26 West offered buyers the best of both worlds – a steady and predictable income stream with substantial upside potential.
According to executive vice president Scott Dragos of Colliers Boston’s investment sales team, “The sale of 26 West St. in excess of $400 per s/f demonstrates the strength and depth of the class B downtown market. It is a product in high demand with tenants and investors right now, so with that trend and its location virtually atop two major MBTA stations, it’s no surprise that pricing shook out where it did.”
26 West St. had significant buyer interest, receiving in excess of 15 offers, but ultimately Eden Properties was awarded the deal and added to their growing urban portfolio.
Colliers International Group Inc. is an industry leading global real estate services company with more than 16,000 skilled professionals operating in 66 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
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