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John Hancock Tower Sells for $930 Million

John Hancock Tower Sells for $930 Million

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The John Hancock Tower, a 62-story glass skyscraper in Boston’s Back Bay, was one of the first real estate trophies to run into trouble when the speculative property boom abruptly ended two years ago. With the market in free fall, Normandy Real Estate Partners and Five Mile Capital Partners bought the building at a foreclosure auction 18 months ago for $660.6 million, or about half the price in 2006. At 4 p.m. on Wednesday, Normandy and Five Mile officially sold the Hancock Tower to Boston Properties for $930 million. “It is an epic conclusion for an iconic landmark,” said Finn Wentworth, a founding partner at Normandy, a real estate firm based in Morristown, N.J. “It’s due to a combination of real estate savvy and capital savvy.” – read more from NYTimes