Boston's tallest building, the John Hancock Tower sold today at auction for a price far below the $1.3 billion it sold for in 2006.
Bloomberg reports the tower was sold to Normandy Real Estate Partners and Five Mile Capital Partners LLC for $661 million. The companies will be paying $20.1 million for the mezzanine debt on the 60-story building as well as taking over a $640.5 million mortgage. The bidding for the Hancock tower took less than two minutes. With rents and occupancy sinking over the past couple of years, the building's value is now believed to be less than $750 million.
'Crimes Of Fashion' Blogger Revelas Hidden Talent
Red Wax Lips At Marc By Marc Jacobs
16 Grammys Looks That Weren't Working
Whitney Houston Dead: Singer Dies at 48, Body Found in Beverly Hilton Hotel
Worst Movie Mistakes: Date Night Edition (PHOTOS)
Whitney Houston Autopsy: Cause of Death Determined?
Whitney Houston, Bobbi Kristina: Late Singer's Daughter Hospitalized
PHOTOS: President Obama's Kissing Technique
Whitney Houston Dead: Stars React to Legend's Sudden Death
Adele Five-Year Break? Singer Plans to Focus on Relationship, Write 'Happy Record'
How Hattie Lost 300 Pounds: 'I Was Ready To Do Whatever It Took To Survive'
Jennifer Hudson Whitney Tribute: Grammy President Reveals Why Singer Was Chosen for Musical Memorial
Grammy 2012 Winners' List: Adele Sweeps Music's Biggest Night
Matt Bomer Comes Out As Gay
3 Economic Misconceptions That Need to Die
5-Hour Energy: A Success Equal Parts Caffeine, Chemistry and Meditation
Grammy Awards 2012: The Best & Worst Of The Red Carpet!
People With Easy-To-Pronounce Names More Likely To Succeed, Study Says
Photos Of Dead Lacrosse Player's Injured Body Shown To Jury
12 Grammys Stars Who Gave Good Style
The Top 10 Slacker Colleges
15 Funny Valentine's Day Cards
Mystery Disease Kills Thousands
WATCH: 25 Million Tons Of Japan Tsunami Debris Headed Directly Our Way
15 Funny Valentine's Day Quotes
JUNGLE SURVIVAL: Marines Drink Snake Blood, Eat Insects
Oprah Under Fire For Controversial Tweet
PHOTOS: Thank God For Grown-Up Glamour
Scuba-Diving Murder Trial: Prosecutors Drop One Charge Against Husband
PHOTOS: Kate Spends Valentine's Day Solo!
Taylor Swift Does Great Depression Chic
PHOTO: Kate Upton Scores 'Sports Illustrated' Swimsuit Issue Cover!
PHOTOS: Beautiful Scars
The 13 Least Romantic Valentine's Day Gifts
