Boston Properties Inc. announced today that it would purchase the John Hancock Tower and Garage in Boston in a deal valued at $930 million according to the Associated Press. The purchase price reportedly consists of $289.5 million of cash plus the assumption of roughly $640.5 million in debt. The debt being assumed from the seller, a joint venture between an affiliate of Normandy Real Estate Partners and an affiliate of Five Mile Capital Partners, is a securitized senior mortgage loan that bears interest at a fixed rate of 5.68% per annum and matures in January 2017.
"The bidding was as fierce as anything I've ever handled during my 30 years in this business," said Robert Griffin, who brokered the sale for Cushman & Wakefield, a real estate services firm.
The John Hancock Tower is an iconic 62-story, approximately 1,700,000 rentable square foot office tower located in the heart of Boston's Back Bay neighborhood and is New England's tallest building. The garage is an eight-level, 2,013 space parking facility. As New England's tallest building, the John Hancock Tower features a 360-degree panoramic view of the Back Bay, Charles River, Cambridge, the Public Gardens, Boston Harbor and Financial District.
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