"It's an area that is really up and coming," Synergy VP DeeMinnock tells GlobeSt.com in deciphering her company's interest.Besides proximity next to the Red Line subway, the University ofMassachusetts, and the John F. Kennedy Presidential Library, 25-35Morrissey Blvd. is in a section of Dorchester that could benefitfrom the pending repositioning of the Bayside Exposition Center.While that was not a factor in Synergy's interest, given that the$1-billion overhaul was just unmasked this week, Minnock says theproject should only enhance the presence of 25-35 Morrissey Blvd."We do think that will be a great help, yes," she says.

Even so, the real driver--literally--in the sale was Synergyfounder David Greaney, who commutes from Dorchester past 25-35Morrissey Blvd. to the firm's North Station headquarters, explainsMinnock. When approached by brokers at CBRE/New England with theopportunity to buy the complex, Synergy's chief was already sold onthe property, Minnock says. Other attractions, she says, are strongin-place income generated from property leasing and two billboards,plus development potential for 2.1 acres. No concepts are in placeon that, she reports, but says that Synergy "looks forward toworking with the various constituents to ensure that awell-thought-out development plan is implemented."

The office building is occupied by Great Media Inc. The sellerof 25-35 Morrissey Blvd., Pappas Enterprises, is a well-knowndeveloper with decades of experience in Dorchester and SouthBoston. CBRE/New England negotiated the sale on behalf of Pappasand procured the buyer, with brokers said to include ChristopherAngelone, William Moylan and Gary Lemire.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.