Worcester Plaza glass tower sells for $16.5M
Photo | Grant Welker
The Worcester Plaza tower, the city's tallest office building, has sold to a Boston real estate investment firm.
Worcester Plaza, a 24-story glass office tower in downtown Worcester, has sold for $16.5 million.
The purchase by Synergy Investments, a Boston commercial real estate firm, puts the value of the tower at $59 per square foot.
Synergy Investments says it has 4 million square feet of space in its portfolio, primarily across the Boston area. Worcester Plaza is its first Worcester property, its tallest building and its first in an Opportunity Zone, a federal tax program incentivizing new investment in lower-income neighborhoods. Synergy says on its website it is focused on Opportunity Zone potential in the Boston and Worcester areas.
The tower, whose sale closed Oct. 10, is the second major property in downtown Worcester to change owners in the matter of weeks.
Sky Mark Tower, an apartment tower that is also 24 stories, sold for $28.8 million in a transaction announced Oct. 1 by Capstone Apartment Partners, the Charlotte firm brokering the deal. The deal comes out to $139,806 for each of the building's 206 apartments. The building, at Main and Austin streets at the southern edge of downtown, is 95% occupied and 98% leased, Capstone Apartment Partners said.
Worcester Plaza was last bought in 2000 for $21.5 million by S-BNK Worcester Main LLC, an entity registered to the Casey Brothers Trust of Boston. It was last assessed at $25.1 million.
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