Will Boston's Hancock Tower Be Sold At Auction?
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."