Old Boston City Hall Update
Synergy acquires Old Boston City Hall leasehold for $30.1 million
Synergy Investments has acquired the leasehold interest in Boston’s Old City Hall, located in the heart of Downtown Crossing, for $30.1 million. The 83,700-square-foot building, located at 45 School Street on the Freedom Trail, contains office space and a Ruth’s Chris Steak House restaurant. CBRE/New England’s Capital Markets team represented the Architectural Heritage Foundation (AHF), who managed the City-owned structure for 47 years under a long-term lease, in the transaction and procured Synergy as the new leaseholder. Rockland Trust Company provided $20 million in mortgage financing towards Synergy’s acquisition of the lease.