One of Boston's most recognizable buildings, the John Hancock tower is in deep financial trouble. The 60-story glass tower is scheduled to be sold in a foreclosure auction on March 31.
The Boston Herald reports that the current owner, Broadway Partners, may file bankruptcy before then. The company bought the tower in 2006 for $1.3 billion hoping that rents in the office tower would provide income. However the economy's quick descent and the erosion of rental prices in Boston are making that purchase look like a bad investment. It is now projected that the tower is worth just $800 million. A spokesman for Broadway Partners has only said the the company continues to negotiate and hopes that "something positive will take place before the auction."
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Reader Comments (Page 1 of 1)
tonashideska Mar 12th 2009 9:34PM
http://www.architectureweek.com/2001/0404/images/11356_image_8.150.jpg
You should show the building covered in plywood
rsafunding Mar 17th 2009 1:30PM
It's unfortunate that they are having trouble with with their debt. There is still money available for good commercial deals. http://www.rsafunding.com