Worcester Plaza tower sold for $16.5M to Boston investment firm<\/h2>October 22, 2019 - Telegram <\/a><\/span>


By, Brad Petrishen<\/p>\n

WORCESTER \u2013 Worcester Plaza, the 24-story glass tower that is one of the most visible elements of the city\u2019s skyline, has been sold for $16.5 million to a Boston investment firm that says it plans to invest \u201csignificant capital\u201d into the building.<\/p>\n

Synergy Investments, a Boston commercial real estate firm, registered the deal Thursday, records at the Worcester Registry of Deeds show.<\/p>\n

\u201cWe are very pleased to make our first acquisition in Worcester and plan on making a significant capital investment in 446 Main Street,\u201d David Greaney, Synergy\u2019s president, said in an email Friday. \u201cOur objective is to retain the great tenants that we currently have and to attract the very best companies in the region to locate their business in our building.\u201d<\/p>\n

According to its website, Synergy owns 4 million square feet of office space in Boston, and has received a landlord of the year award from the Greater Boston Real Estate Board.<\/p>\n

Greaney said in his email that he has been impressed by the \u201coverall progress\u201d of the Worcester market and believes it has \u201cstrong fundamentals for growth.<\/p>\n

\u2033(That) is a credit to the city leadership and the current business community and we look forward to being an active participant,\u201d he wrote.<\/p>\n

The building\u2019s seller, S-BANK Worcester Main, LLC, did not immediately return a call Friday placed to its trustee, Timothy C. Casey.<\/p>\n

According to registry documents, S-BANK Worcester Main bought the property for $21.46 million in 2000. The city assessed the property at $25.1 million in 2019.<\/p>\n

The sale of the building comes two weeks after the Sky Mark Tower \u2013 tied with the Plaza for the tallest building in the city \u2013 was s<\/a>old for $28.8 million to a Los Angeles firm.<\/p>\n

\u201cYou\u2019re seeing some major outside players making significant investments in Worcester,\u201d Timothy P. Murray, President and CEO of the Worcester Regional Chamber of Commerce, noted Friday. \u201cI think that\u2019s a good sign.\u201d<\/p>\n

Greaney said in a Tweet Friday that 446 Main St. will be his company\u2019s tallest building and its first under an Opportunity Zone tax incentive \u2014 a federal initiative created under 2017 tax reform legislation.<\/p>\n

Opportunity zones are designated low-income census tracts where companies can defer taxes from previous investments for seven years by putting the capital gains into funds that finance projects in those zones.<\/p>\n

Capital gains are profits from the sale of property or investments such as stocks. Investors who remain in the funds for 10 years can avoid taxes on gains in the new investment.<\/p>\n<\/div><\/div><\/div>"