Boston, MA NGKF Capital Markets has completed the sale of Center Plaza to Synergy Investments and GreenOak for $365 million. The NGKF Capital Markets Boston team led by U.S. head of capital markets Robert Griffin, vice chairman Edward Maher, executive managing director Matthew Pullen and director James Tribble oversaw the transaction of the 741,200 s/f urban mixed-use asset and associated 575-space below-grade parking garage on behalf of a real estate investment fund sponsored by Shorenstein Properties LLC.
Comprising three interconnected buildings, Center Plaza is highlighted by a pedestrian-friendly street-level retail arcade with 875 feet of frontage along Cambridge St. Presently, the asset is 60% leased to a 31-tenant roster.
“Center Plaza represents one of Boston’s largest mixed-use complexes, offering critical mass and a commanding presence in the heart of the city,” said Maher. “Additionally, it features one of the most profitable parking garages in the city, solidifying its status as a generational investment with substantial upside.”
By virtue of its positioning, Center Plaza benefits from the newly-renovated MBTA Government Center station and recently-reactivated City Hall Plaza, both of which are located close by. The asset is further surrounded by local institutions including Boston City Hall, the John F. Kennedy Federal Building and Suffolk University.
Synergy Investments is a full service real estate investment and operating company primarily focused on the Boston market. Synergy is one of the largest and most active landlords in the city with a growing portfolio that includes 3 million s/f, providing space to more than 350 businesses and organizations. Synergy Investments focuses on commercial properties in Boston based on its belief in the long-term fundamentals of the asset class and market. Its buildings have been consistently recognized as some of the best run in the city. Synergy’s attention to detail, teamwork and care in executing the asset’s operating plan translates into renewed leases at lower transaction costs as well as improved services and more efficient operations. This high level of responsiveness, professionalism and integrity all combines to produce one of the highest occupancy rates in the city.
GreenOak is a global partner-owned, real estate focused, principal investing, lending and advisory firm. Since 2011, GreenOak has raised $5.7 billion of equity to invest in various funds, targeted strategies and assets. With over 90 professionals in eight offices, the firm specializes in assets requiring significant repositioning through active property and asset management and/or redevelopment.
Founded in 1924, Shorenstein Properties LLC is a privately-owned real estate firm active nationally in the ownership and management of high-quality office properties with offices in San Francisco and New York. Starting in 1992, Shorenstein has sponsored eleven closed-end investment funds with total equity commitments of $7.9 billion, of which Shorenstein committed $648.5 million. Shorenstein uses its integrated investment and operating capabilities to take advantage of those opportunities which, at the particular time in the investment cycle, offer the most attractive risk-adjusted returns. Investments have included ground-up developments, asset repositioning and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures. These funds have invested in properties totaling 63.2 million square feet in transactions with a gross investment value in excess of $14.9 billion.
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services.
