LogMeIn’s new Summer Street office — home to an eight-alarm fire two years ago — has sold for almost seven times its last purchase price.
Boston-based real estate company Synergy Investments and DivcoWest Properties of San Francisco have sold 333 Summer St. for $74.25 million. The partnership paid $11 million for the 117,801-square-foot building in April 2013. A few months later, work commenced to convert the building to offices. That's when a fire tore through the space.
Despite the setback, renovations continued and Synergy soon landed Boston-based tech firm LogMeIn (Nasdaq: LOGM) as a tenant for the five-story office. LogMeIn employees moved in just last week, marking the biggest expansion project in the company’s history. The company has a 12-year lease on the space.
The sale is another in a string of successful sales for Synergy Investments and DivcoWest in Fort Point. The partnership paid a total of $53 million in 2013 for a portfolio that included 333 Summer St. property as well as 319 A Street and the 657-space parking garage at 10 Necco St. The garage was purchased last January by an affiliate of Multi-Employer Property Trust for $56 million. And Boston Residential Group bought 319 A St. in June 2014 for $12.5 million.
The buyer of 333 Summer St. is a partnership involving ASB Capital Management, a Maryland-based investment management firm, and Lincoln Property Co.
The Business Journal toured the office this summer, while renovations were wrapping up, and again after LogMeIn moved into the space. Click through the attached photo gallery for a before-and-after look.