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.
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.