(Source: Associated Press)
Two companies have landed a real estate bargain: Boston’s tallest skyscraper.
The John Hancock Tower was bought Tuesday for about $660 million at a foreclosure auction in New York City.
That’s about half of what it cost a little more than two years ago.
The 60-story building was acquired by a partnership between Normandy Real Estate Partners and Five Mile Capital Partners.
Henry Cobb, a partner of world-renowned architect I.M. Pei, designed the building. It was completed in 1976.
It was sold after Broadway Partners defaulted on loans used to buy it in late 2006.
Associated Press, “Boston’s skyscraper sells in bargain basement” March 31, 2009.
Further Reading @:
Ilaina Jonas, “Boston’s Hancock Tower sells at nearly half price” Reuters, March 31, 2009.
Casey Ross, “ Hancock Tower auction: Gone in 60 seconds” Boston.com, March 31, 2009.
Hancock Tower auction: Gone in 60 seconds” Boston.com, March 31, 2009.