Synergy Secures 99 High Street in Major Boston Office Acquisition

A Major Boston Office Tower Acquisition

According to CoStar, Boston’s largest office deal of 2025 has closed. Synergy Investments acquired the 730,200 SF tower at 99 High Street for $227M.

This Boston office tower acquisition highlights a growing trend: well-capitalized local firms stepping in as prices reset citywide.

The seller, Nuveen (TIAA’s real estate arm), had purchased the tower for over $272M back in 2005. With this deal, Synergy also assumed the property’s mortgage from MetLife, according to property records.

Prime Asset at a Discount

Built in 1971 and modernized with $24M in capital improvements, 99 High Street remains competitive in Boston’s tight office market.

Today, the tower is about 80% leased. Its tenant roster includes major names like AIG, Bristol Myers Squibb, Mercer, and Marsh McLennan.

Synergy founder Dave Greaney emphasized the firm’s opportunistic approach. “To be able to acquire a Class A asset, in an exceptional location, close to transportation and amenities — we’ll buy those assets all day long,” Greaney said.

This Boston office tower acquisition strengthens Synergy’s presence among top downtown landlords, a goal the firm has been steadily pursuing.

Discounts Define the New Market

Discounted sales like this one are happening across the country. Office vacancy rates have soared to nearly 14%, an all-time high, according to CoStar.

Flexible work, maturing loans, and rising expenses have forced many landlords to sell at reduced prices. In 2024 alone, tenants handed back more than 65M SF nationally.

In Boston, Synergy is seizing this moment. Recent buys include One Liberty Square, 179 Lincoln Street, 1 India Street, and 101 Arch Street — all scooped up at attractive valuations.

Why This Deal Matters

The 99 High Street deal signals that despite rising vacancy rates, downtown Boston still holds strong appeal for local investors.

The Boston office tower acquisition is part of a broader bet that well-located, high-quality properties will remain valuable, even as the market evolves.

It also highlights how local firms are outperforming national players, many of whom are struggling to offload properties under financial strain.

What’s Ahead

With pricing corrections underway, Synergy and other local investors are expected to continue expanding.

For downtown Boston, these strategic acquisitions could spark a gradual recovery and reshape the future of the city’s office market.

This latest Boston office tower acquisition won’t be the last — and it may set the tone for the rest of the year.