$930M Sale of John Hancock Tower Finalized
The iconic 1.7 million-square-foot tower was sold to Boston Properties Inc. According to Cushman & Wakefield Inc., which handled the sale on behalf of a joint venture between Normandy Real Estate Partners and Five Mile Capital Partners L.L.C., the deal is the largest pure investment sale transaction closed in the U.S. this year.
December 29, 2010
By Allison Landa, News Editor
Courtesy Flickr Creative Commons user wedgemondo
The sale of the iconic 1.7 million-square-foot John Hancock Tower and Garage in Boston has been completed. Cushman & Wakefield handled the sale on behalf of a joint venture between Normandy Real Estate Partners and Five Mile Capital Partners L.L.C.
The property was sold to Boston Properties Inc.
According to Normandy managing principal Jeff Gronning, the transaction was completed in 18 months and will return the building to its rightful place as Boston’s premier office property.
Located at 200 Clarendon Street, the tower occupied an entire city block overlooking Copley Square. The 60-story Class A office tower is 97 percent leased to tenants including State Street Corp., Manulife Financial Corp., and Ernst & Young. It is the tallest building in New England.
Cushman & Wakefield Inc. capital markets group executives Griffin and Edward Mahler Jr., along with the firm’s downtown specialists William Anderson, Gilbert Dailey and David Martel, exclusively represented the seller and procured the buyer. According to Cushman & Wakefield, the sale is the largest pure investment sale transaction closed in the U.S. this year.
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