John Hancock Tower To Be Sold Tomorrow At Auction
March 30, 2009
John Hancock Tower in Boston, is set to go on the auction block tomorrow in New York State. The tower, which was acquired by Broadway Partners for $1.3B, is anticipated to go for about half of that price. According to Bloomberg, Normandy Real Estate holds about $472M worth of loans on the tower, and is the most likely suspect for taking over the tower. Since the acquisition of the asset, rents have dropped by about 20-25% on Class A office space in most urban markets. At the same time, capitalization and vacancy rates have increased, compounding the effects on valuations.
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Categories:
Commercial Real Estate Investing
Tags: Boston, Broadway Partners, Distressed Assets, Foreclosure, Hancock Tower
Tags: Boston, Broadway Partners, Distressed Assets, Foreclosure, Hancock Tower
I do beleave that the 60th floor should open cause they`er people that want to go up,Jon
I do think it`s time to open the 60th floor up,Cause they`er people who want to look over boston,I know I miss it,