Boston’s John Hancock Tower To Be Auctioned Off March 31

Last month it became known that Broadway Partners, the once high-flying PE firm who acquired $8B worth of office properties in a 6 month period in late 2006/early 2007, defaulted on its mortgage for the 1.75M square feet John Hancock Tower. The firm Green Loan Services has now announced that the property will be auctioned off on March 31, and Eastdil is marketing the property ahead of that time.

The senior debt is owned by the John Buck Company. The loan which Broadway defaulted on was the mezzanine piece, and quite a mezz piece at that given it is roughly $650-700M by some reports.

The building’s value is estimated in the $700-900M in value, indicating that prices are off 30-50% from the high when Broadway Partners made the acquisition.

Similar Posts:

• Infighting Amongst Hancock Tower Debt Holders
• First Signs of Cracking: Broadway Partners Defaults on Hancock Tower
• Macklowe Losing Another Building
• John Hancock Tower To Be Sold Tomorrow At Auction
• CRE Dominoes: 8000 Marina Blvd Defaults