Tuesday, March 31, 2009

Hancock Tower has new owner - at 50% discount

By Thomas Grillo 
Tuesday, March 31, 2009

NEW YORK CITY - The Hub’s John Hancock Tower, New England’s tallest skyscraper, sold at auction this morning for $660.6 million, about half what it sold for nearly two years ago.

Normandy Real Estate Partners, which owns two buildings on Summer Street in Boston, and Five Mile Capital Partners combined to make the winning bid for the Back Bay trophy property.

The companies agreed to pay $20.1 million for the mezzanine debt on the 60-story building and assume the mortgage of $640.5 million, according to a statement issued at the auction.

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