Boston's John Hancock towerReal estate investment trust Boston Properties Inc. will buy the John Hancock Tower and Garage in Boston for approximately $930 million.

The seller is a joint venture between an affiliate of Morristown, N.J.-based Normandy Real Estate Partners and an affiliate of Stamford, Conn.-based Five Mile Capital Partners. The purchase price consists of approximately $289.5 million of cash and the assumption of approximately $640.5 million of indebtedness. The closing is expected to occur in the fourth quarter.

The John Hancock Tower is a 62-story, 1.7 million-square-foot office tower located Boston’s Back Bay neighborhood. The garage is an eight-level, 2,013 space parking facility.

Boston-based Goodwin Procter LLP advised Boston Properties and UK-based Allen & Overy LLP and Dallas, Texas-based Haynes & Boone LLP advised the seller in connection with the transaction, according to a statement. Boston-based Cushman & Wakefield acted as the broker for the transaction.

Boston Properties To Acquire Boston’s John Hancock Tower For $930M

by Banker & Tradesman time to read: 1 min
0