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.The price shows how far real estate values have fallen since their peak in 2007. (Continue Reading-Source/BostonHerald)
1 comments:
Now they need to bring back the top floor observation area and the historical display!
Post a Comment