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20 Worcester Business Journal | December 23, 2024 | wbjournal.com ECONOMIC FORECAST 2023 Office Bank where you matter. Helping your business thrive by providing the right banking products and guidance that fit your unique needs. Get started today at centralfcu.com or call us at (800) 527-1017 *Independent Service rating based on independent reviews by Feefo. Federally insured by NCUA. Average Customer Rating* 4.9/5 Business Lending Vehicles & Equipment Lines of Credit Real Estate Loans Construction Loans Business Visa Business Solutions Business Checking Commercial Access Line (Overdraft Protection) Business Money Market Continued from page 17 incentivizing investment in lower-in- come neighborhoods established as part of the Tax Cuts and Jobs Act of 2017 under President Donald Trump. For the first seven years of owning the property, Synergy doesn't have to pay capital gains tax on it. Furthermore, if it sells the property, the company doesn't have to pay any taxes on that profit. The program allowed Synergy more financial freedom to invest into the building, Umphrey said. e Glass Tower now includes an upscale event and conference space on the top floor, a fitness center with lockers and showers, onsite daycare, an internet lounge for tenants, and four eateries, along with nearby parking. These types of amenities will be key in helping The Glass Tower fill up more of its commercial spaces, Umphrey said, and perhaps reach The Mercantile Center's level. "If you go into a building that is really not very nice, doesn't have any amenities, is older, people are like, 'I'm just going to work at home,'" he said. Worcester's two tallest office buildings Mercantile Center Address: 100 & 120 Front St. Investment by owner: $90-million renovation budget Leasing: 98% occupancy Future plans: 50,000-60,000 sq. ft. of retail space to be leased The Glass Tower Address: 446 Main St. Investment: Classified as an Opportunity Zone, benefiting from federal tax incentives Leasing: Achieved ~80% occupancy by mid-2024 with major tenant commitments Sources: Franklin Realty Advisors, Kelleher Sedowsky W