Boston— Newmark Knight Frank announced the completion of the $69.2 million sale of 100 Franklin Street in Downtown Boston on behalf of a partnership between Clarion Partners and Synergy Investments to a partnership between Independencia and Synergy Investments.
Vice Chairman Edward Maher, Executive Managing Directors Matthew Pullen and James Tribble and Director Samantha Hallowell of NKF’s Boston Capital Markets team – which is led by Co-Head of U.S. Capital Markets Robert Griffin – oversaw the transaction of the urban office/retail asset in conjunction with NKF Senior Managing Director Jason Cameron and Managing Director Alison Cavanaugh.
Originally completed in 1908, 100 Franklin Street formerly served as home to the Boston Safe Deposit and Trust Company and Boston Stock Exchange. Presently, the 123,950-square-foot, nine-story building is 95 percent leased to a diverse 25-tenant roster anchored by Webster Bank, Lux Research, the YMCA, Quantopian and ZappRx.
“100 Franklin Street is part of a small but coveted set of Class B assets in Downtown Boston,” said Maher. “Boasting an architecturally distinguished exterior combined with modern interior buildouts, the property is a consistently strong performer within one of the United States’ most dynamic core gateway markets.”
100 Franklin Street benefits from a highly visible location at the corner of Franklin Street and Devonshire and Arch Streets. The asset is situated just moments from three of the city’s busiest landmarks (South Station, Post Office Square and Downtown Crossing) and two of its most highly anticipated new developments (High Street Place and Winthrop Center).
Synergy Investments LLC is a Boston-based, fully-integrated real estate investment and operating company which currently owns and operates over 3.7 million square feet of commercial office and associated retail space in Boston.
Independencia Asset Management LLC (“IAM”) is a real estate asset management firm headquartered in Miami with an additional office in Boston. Since incorporating in the United States in 2004, IAM has invested in more than 18 million square feet of core-plus and value-add office, retail and industrial assets in 19 states with 10 different local operating partners. To date, IAM has invested in over $3 billion worth of real estate assets through 50 different SPEs. IAM’s current portfolio consists of approximately $2.3 billion of assets under management through 32 different SPEs.
100 Franklin Street will be incorporated into IAM’s “Fondo de Inversion Independencia Core US I,” which is a publicly-traded fund listed on the Chilean stock exchange. This $150 million open-ended investment vehicle was established in 2017 with an initial equity raise of $75 million plus an additional $45 million equity raised to-date. As of today, this fund has invested $50 million of the $120 million in two assets: Constitution Square, a 36,000-square-foot office building located in Berkeley, California; and 110 Atrium, a 237,000-square-foot office building located in Bellevue, Washington.