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 3.03%
5/1 ARM 3.49%
30 yr refi 3.93%
15 yr refi 3.12%

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
10 big dot-com flops Remember Pets.com? The Nasdaq is roaring back towards its all-time high. Here are some of the biggest dot-com busts from the last time the Nasdaq topped 5,000. More
The hottest gadgets at Mobile World Congress 2015 Take a look at the devices creating a stir at the world's biggest mobile tech show. More
Star Trek technology that we use today With the death of Leonard Nimoy, the actor who played Star Trek's Spock, we remember his character's legacy: The technology we use every day. 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