Robert Morton, TruNorth market president for Central Massachusetts and Northeastern Connecticut, told WBJ the firm generally isn’t interested in office buildings, but the unique situation in Worcester led to an exception.
Boston-based real estate firm Synergy has completed a $25.3-million refinancing of The Glass Tower at 446 Main St., a move that follows capital improvements and new amenities at the 24-story building. The financing was provided by bankHometown, the Oxford-based firm owned by Northampton-based Hometown Financial Group, which is undergoing a rebrand to the name TruNorth Bank.Robert Morton, TruNorth market president for Central Massachusetts and Northeastern Connecticut. PHOTO | WBJ FILERobert Morton, TruNorth market president for Central Massachusetts and Northeastern Connecticut, told WBJ the firm generally isn’t interested in office buildings, but the unique situation in Worcester led to an exception. [Want more real estate news? Sign up for Real Estate Insider.]“Worcester is kind of an anomaly compared to other cities in New England,” he said. “If you look at the vacancy rate of Class-A offices, it's pretty small. And then you have all the new housing coming in. We see Worcester as a unique circumstance.”The financing was arranged by the capital markets team of John Merrill, Meghan Liddy, and Chris Naff at Worcester-based Kelleher & Sadowsky Associates, according to a Monday announcement from that firm.Vivienne Coastal Mediterranean restaurant reopened in the building in March, after a fire had shuttered the business following its original September opening. Initially open for just dinner, the upscale restaurant now serves lunch on Thursdays.Other tenants at the site include WBJ and law firm Bowditch & Dewey.David Greaney PHOTO | COURTESY OF SYNERGYThe tower was constructed in 1974, with Synergy purchasing it for $16.5 million in October 2019. It is the tallest building in Worcester, tied at 24 stories with the residential tower The 6Hundred."Over the last six years, 446 Main Street has undergone a complete transformation," David Greaney, founder and CEO of Synergy, said in a statement. "New lobbies, a tenant-only fitness center, the addition of Vivienne, and Vue, a cocktail lounge on the 24th floor overlooking the city, have redefined the building experience.”Beyond 446 Main St., Synergy is working a few blocks away to convert the former Fallon Health headquarters building into 198 apartments.Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the real estate and banking & finance industries.
