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.
