Boston's Hancock Tower Gets New Owners
Boston's most recognizable skyscraper, the John Hancock Tower has a new owner. Boston Properties has purchased the tower from private-equity firms Normandy Real Estate Partners and Five Mile Capital Partners for about $289.5 million, plus the assumption of about $640.5 million in debt, a total of around $930 million. The tower sold at auction last year for around $661 million ($20.1 million for the mezzanine debt as well as that $640.5 million mortgage). The tower had sold for $1.3 billion in 2006.
According to a Wall Street Journal article the sellers have agreed to complete some capital and improvement projects that are under way. Last year we mentioned that the owners were planning a $20 million renovation inside the building adding restaurants, shops and underground parking. Boston Properties also owns other local icons including the Prudential Tower and 111 Huntington, a building famous for its rooftop crown.