B
oston real estate firm Synergy has acquired the 32-story office tower at 99 High St. for $227 million, a price that's 17% lower than its purchase price in 2005. The building, which spans 730,000 square feet and sits near South Station and the Rose Kennedy Greenway, was previously valued at $373.7 million.

    Synergy has made significant investments in the property over the past decade, including a lobby renovation in 2019 and $24 million in capital improvements. The building is currently 78% leased to tenants such as Mercer, Marsh McLennan, AIG, and Karuna Therapeutics.

    The acquisition marks Synergy's latest purchase at a discount, following deals on properties like 101 Arch St., 1 Liberty Square, and 179 Lincoln. This trend of declining office building values raises concerns about Boston's property tax base, which is crucial for funding the city's $4.8 billion budget.

    However, lower sale prices also mean lower costs for tenants, as seen in the recent purchase of 399 Washington St., which sold for 80% less than its 2017 price and may now offer more affordable rents to fill vacant space.