Boston Business Journal Reports One of Downtown’s First Post-Pandemic Multi-Tenant Office Tower Refinancings
Synergy has refinanced 101 Arch Street for $92 million, exceeding the $78 million the firm paid for the Class A tower in 2024. The transaction was covered by the Boston Business Journal, which reported it as one of the first successful multi-tenant office tower debt deals to close in Boston since the pandemic.
A $20 Million Repositioning, Validated by the Capital Markets
Acquired out of distress in 2024, the 21-story, 411,000-square-foot tower has since received $20 million in improvements, including a reimagined building entrance and a new tenant fitness center. Built in 1989, 101 Arch Street offers direct access to the MBTA’s Downtown Crossing station, one of the most heavily trafficked transit points in the city.
The financing underscores “renewed lender confidence in downtown Boston’s office recovery,” said Tom Sullivan, Senior Managing Director at JLL, citing the building’s repositioning and leasing momentum.
Leasing Momentum Behind the Deal
The lender response follows sustained activity at the property, where Synergy has signed more than 220,000 square feet of new and extended leases. Recent arrivals include health technology firm Folia Health, tech company Groundcover, and Harley Ellis Devereaux Architects, alongside extensions with existing tenants including Rockland Trust and retailer Primark — a signal that tenants are choosing to grow in place. That momentum mirrors Synergy’s broader downtown expansion, with recent acquisitions at 99 High Street, 265 Franklin Street, 101 Merrimac Street, 179 Lincoln Street, and One Liberty Square.