Boston – CBRE/New England’s Capital Markets team announced the leasehold interest sale of Boston’s Old City Hall, a distinctive 83,700 SF mixed-used building located in the heart of downtown Boston at 45 School Street, for $30.1 million.
Designed by Gridley J. F. Bryant & Arthur Gilman and constructed between 1862-1865, Boston’s Old City Hall had been vacated by the City of Boston in the mid-1960s and was then spared demolition and completely renovated in 1970 by the seller. It remains an architectural masterpiece situated along Boston’s Freedom Trail. The property has more than 500,000 annual visitors and the location itself has a notable history.
CBRE/NE’s Capital Markets experts Dave Pergola and Brian Doherty represented the seller, Architectural Heritage Foundation, and procured the buyer, Synergy Investments.
“Synergy Investments is pleased and proud to add one of the finest and most historically significant assets in the City of Boston to our portfolio,” noted Dave Greaney, President of Synergy Investments. “We appreciate the importance of the property to the residents of the City of Boston, and look forward to enhancing both our tenants’ and the public’s experience.”
Synergy Investments is a full service real estate investment and operating company primarily focused on the Boston market. They are one of the largest and most active landlords in the city and have grown their portfolio to approximately 4 million square feet providing space to more than 400 businesses and organizations.
Architectural Heritage Foundation(AHF) is a 501c-3 not-for-profit organization whose mission is to preserve historic buildings and landscapes. Founded in 1966, AHF has been blending the fields of historic preservation and real estate development, asset management, and property management ever since.