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John Hancock Tower Boston Facing Foreclosure
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by harringtola | February 10, 2009 at 08:29 am
991 views | 30 Recommendations | 5 comments
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The tallest building in Boston is up for auction.
Who in the world in this economy is going to buy it, is my question. Also, what happens to it if no one bids on it?
The John Hancock Tower in Boston will be auctioned next month after lenders moved to foreclose on owner Broadway Partners, which has defaulted on some debt payments on the building it bought in 2006.
Who can afford it?
Broadway Partners bought the 60-story Hancock Tower in 2006 for $1.3 billion. The building, with about 1.7 million square feet of office space, is now estimated to be worth between $700 million and $900 million.
What happens if there are no bidders?
Broadway Partners could still renegotiate terms of the loans to stave off foreclosure.
This is certainly a sad state of affairs as these landmarks fall to the economic times. What's next, the Empire State Building?
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Most RecentMost Recommended Comments (5)
at 08:37 on February 10th, 2009
Perhaps it will be bought and used for the greater good? I am sure Bostonians will not let it sit abandoned. I see the next 'Real World' John Hancock on the horizon...
at 09:00 on February 10th, 2009
Romanesque style Trinity Church is adjacent to the mirror-surfaced John Hancock Tower, New England's tallest building. The church, built in 1877, is a National Historic Landmark.
It can be found in Boston, Massachusetts
ribizly has contributed a photo to this story.
at 09:32 on February 10th, 2009
John Hancock Building
Mark Spoerl has contributed a photo to this story.
at 14:17 on June 21st, 2009
I just saw on line that the John Hancock Observatory may open in the near Future,Cause by leaving it closed,Thats not how you Attract people,
at 16:03 on June 15th, 2009
The only way your going to attract lots of people is by opening the 60th floor,And Some people like to view over boston,