Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Tallest building in Boston, 50% off

The 60-story John Hancock Tower was purchased at a foreclosure auction for $660 million. Previous owners paid $1.3 billion in 2006, according to reports.

EMAIL  |   PRINT  |   SHARE  |   RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
By Kenneth Musante, CNNMoney.com staff writer

hancock_tower_boston.03.jpg
The 60-story John Hancock Tower was purchased for $660 million at a foreclosure auction.
Mortgage Rates
30 yr fixed 3.85%
15 yr fixed 2.97%
5/1 ARM 3.15%
30 yr refi 3.96%
15 yr refi 3.07%

Find personalized rates:
 

Rates provided by Bankrate.com.

NEW YORK (CNNMoney.com) -- The tallest building in Boston sold for $660.6 million at a foreclosure auction in New York Tuesday -- about half the price it sold for just three years ago.

The 60-story John Hancock Tower was purchased by a joint venture between real estate investment companies Normandy Real Estate Partners and Five Mile Capital Partners called Beacon Portfolio Holdings LLC. The lot also included an adjacent parking garage.

The previous owners, Broadway Partners, paid about $1.3 billion for the property, along with two other buildings, in 2006, according to published reports. Broadway Partners declined to comment on the sale.

Beacon Portfolio Holdings also acquired 10 Universal City Plaza in Universal City, Calif. in the auction for about $305 million.

According to a joint statement, both Normandy and Five Mile said they were well capitalized and were committed to a long-term investment in the buildings.

CNN contributed to this report. To top of page

Find mortgage rates in your area


Features
They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
More Galleries
Google's logos through the years Google changed its logo for the fifth time in 17 years this week. Here's what the old ones looked like. More
How much you should have saved for retirement right now Joe is 50 years old and makes $70,000 a year. He should already have $364,000 saved for retirement. Are you on track? More
The stock market's wild week in 6 pictures It was the wildest week in stocks in recent memory. Here's photos and CNNMoney's tweets of reactions to the panicked selling on Monday and Tuesday, which gave way to a mad buying scramble on Wednesday and Thursday. And then...a selloff on Friday again. More
Worry about the hackers you don't know 
Crime syndicates and government organizations pose a much greater cyber threat than renegade hacker groups like Anonymous. Play
GE CEO: Bringing jobs back to the U.S. 
Jeff Immelt says the U.S. is a cost competitive market for advanced manufacturing and that GE is bringing jobs back from Mexico. Play
Hamster wheel and wedgie-powered transit 
Red Bull Creation challenges hackers and engineers to invent new modes of transportation. Play