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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