Thursday, April 2, 2009

Boston's Hancock Tower Sold at a Distressd Sale Price

From a seller's perspective, the sale price of Boston's Iconic 
John Hancock Tower but positive.  The 60 story building, the 
tallest in the city skyline was purchase at a foreclosure auction
in New York City by a partnership between Normandy Real
Estate Partners and Five Miles Capital Partners for $660.6 million.
That price represent a 50% discount on the $1.3 billion Broadway 
Partners paid Beacon Capital Partners for the property in December
2006.  Beacon paid $586 million for the asset in 2003.  Normandy 
Real Estate and Five Miles Capital Partners reportedly had
acquired $75 million of the debt on the 1.7 million sq. ft. property
in June.  Early this year Broadway defaulted on the loans, putting
the lenders in position to buy the property.
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