Synergy Investments, a Boston-based real estate investment and development firm, said it has acquired an 11-story office building near Downtown Crossing from Oasis Ten Milk Street LLC.
With just over 230,000 square feet of office and retail space, the building is located at 10 Milk St. with a second entrance on Washington Street.
Along with partner GreenOak Real Estate, a real estate investment management company, Synergy said it acquired the building by taking on a defaulted $58 million loan held by a securitized lender.
“We have been focused on this property for more than four years and spent the better part of a year negotiating the complicated assumption of a securitized loan,” Synergy president David Greaney said in a statement. “It fits our strategy and vision in Boston, and our team worked hard to make this happen.”
According to Synergy, 10 Milk St. is the firm’s 10th property in the downtown area.
The building is currently 70 percent leased. Retail tenants include 7-Eleven, Johnston & Murphy, and Cosi. Office tenants include Partners Healthcare, Lawyer’s Weekly, and the Trust for Public Land as well as the investment management software company Code Red, the mobile optimization software company SiteSpect, digital design and e-commerce consultant Optaros, and app developer Razilabs.
Fashioned in the Beaux Arts-style 10 Milk St. was designed by the noted architect A.H. Bowditch and built in 1903. It features ornamentation inspired by classical Greek and Roman traditions.