BOSTON — Synergy has completed more than $20 million in renovations at 101 Arch Street and secured $92.1 million in new mortgage financing for the 21-story Downtown Boston office tower, marking what the company described as a significant milestone for the property and a sign of renewed lender confidence in the city’s office market.
The real estate investor, operator and manager acquired the 411,195-square-foot property in March 2024. Since then, Synergy said it has executed more than 220,000 square feet of new and renewed leases at the building, bringing in tenants from the technology, legal, financial services and retail sectors.
The repositioning focused on modernizing the tenant experience while capitalizing on the property’s central location at the intersection of Arch and Summer streets. Renovations include a redesigned Arch Street entrance and lobby, new conferencing and training facilities, and a full-service fitness center available to tenants.
JLL advised Synergy on the $92.1 million refinancing.
“This financing represents one of the first multi-tenant office tower debt opportunities in Boston to successfully refinance since the pandemic,” said Tom Sullivan, senior managing director at JLL. He said the transaction reflects renewed lender confidence in Downtown Boston’s office recovery as well as the leasing momentum at 101 Arch Street.
The refinancing comes as Boston’s office market continues to adjust to changes in workplace patterns following the pandemic, with building owners increasingly investing in upgraded amenities and renovated spaces to attract and retain tenants.
“The continued momentum at 101 Arch Street and in Downtown Boston demonstrates the value of strategic investment in our assets,” said David Greaney, founder and CEO of Synergy. “The strength of this market and the city’s continued commitment to revitalization give us great confidence in the long-term vitality of the downtown core.”
Leasing momentum
Synergy said the property has attracted a mix of new and returning occupants since its acquisition.
New tenants include Folia Health, Shift Technology, Harley Ellis Devereaux (HED) Architects, Highland Strategy, Jobber Software and Groundcover.
Existing tenants that have renewed long-term commitments include Rockland Trust, Commonwealth Automobile Reinsurers, Klein Hornig LLP, Dinsmore & Shohl, Chacarero, Primark and White and Williams.
The Downtown Boston Alliance also renewed its lease and relocated within 101 Arch Street. The nonprofit, which focuses on the revitalization and vitality of Downtown Boston, said its new location provides prime street frontage.
“The Downtown Boston Alliance is excited to have prime street frontage at our new location at 101 Arch Street,” said Michael Nichols, president of the organization. “As downtown revitalization continues to progress, investments like Synergy’s at 101 Arch Street and 10 Post Office Square are helping to drive the economic vitality of downtown and the diverse industries it represents.”
Constructed in 1989, 101 Arch Street occupies a prominent position in Downtown Boston, with entrances on both Arch Street and Summer Street. The building sits above the Downtown Crossing MBTA station, providing access
