Worcester Plaza tower sold to Boston commercial real estate firm for $16.5 million

Worcester Plaza tower

One of Worcester’s most famous downtown buildings has been sold to a Boston commercial real estate firm for $16.5 million.

The Worcester Plaza, a 24-story glass tower located at 446 Main St., was sold to Synergy Investments this week, according to the company’s president.

David Greaney tweeted that the Worcester Plaza is the tallest building in Synergy’s portfolio and its first opportunity zone investment in Worcester.

The property, previously owned by S-BANK Worcester Main LLC, sold for $16.5 million on Thursday, as reported.

It was most recently assessed at $25 million, according to city records, and last sold for $21.4 million in 2000.

Greaney said that his company plans to retain the building’s current tenants and attract new businesses.

Synergy says on its website that it is actively focused on opportunity zone investments in the greater Boston and Worcester area.

An Opportunity Zone is a designation created by the Tax Cuts and Jobs Act of 2017 that allows tax incentives for investments in low-income and undercapitalized communities.

“We believe long-term value in real estate is created by investing in urban centers close to transit and amenities. Early recognition of demographic and economic inflection points along the path of progress further enhances returns,” Greaney wrote on the company’s website. “We believe in giving back to communities in which we invest. We are a Boston-based company focused on doing great things for those around us.”

The real estate section is covered by David Carty. Need any information on prices, rises and falls in the market, or genuine advice on what properties to watch out for? David has proven his mettle in the field through stellar reporting and story creation.

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