Synergy Business Park contains 536,160 sf and is located 10minutes from Downtown, The property was 94% leased at the time ofthe sale, according to Grubb & Ellis, which brokered the deal."The sale of Synergy Business Park demonstrates the continuedinterest of national investors in secondary markets," explains EricBerkman, senior vice president of Grubb & Ellis.

Berkman tells GlobeSt.com that the complex was on the market for30 days, and the closing took 45 days. He adds that SynergyBusiness Park drew a lot of attention from interested buyers. "Thiswas a yield deal. It is a well-maintained, well-managed,99%-occupied property with an attractive yield and very littledownsize risk," he explains. There was some movement between thetime the complex hit the market and the deal closed, accounting forthe drop in occupancy at closing, he adds.

HRPT Properties Trust was not the highest bidder, but had apreviously relationship with the bidder and "able to execute thedeal from start to finish in 45 days," Berkman says.