The John Hancock Tower is Sold for $930 Million
According to an article in the Wall Street Journal today Boston Properties Inc. has agreed to buy the John Hancock Tower from its current owners, Normandy Real Estate Partner and Five Mile Capital Partners. Reportedly they will be paying around $289.5 million for the acquisition and will also assume the debt on the building which is $640.5 million.
The 60-story, 790-foot skyscraper is the tallest building in Boston. The glass facade of the tower creates a mirror-like effect that plays a dramatic part in the city's presence.
The Hancock Tower was designed by the American architect, Henry Cobb whose firm was awarded the National Honor Award for its achievement. The structure was completed in 1976 and has remained the highest tower in the city for more than 30 years and also has the prestige of being the tallest building in New England.
Without a doubt the John Hancock Tower is an impressive sight to behold. But I do remember a situation with falling glass panels whenever there were high winds. Entire 500 pound window panes became detached from the building and crashed to the ground. This flaw plagued the structure in its early days and many of the windows were temporarily replaced with plywood until they were able to finally resolve the problem.
Originally, there was an observation deck on the top floor of the building but it was closed after the attacks of September 11, 2001. Now, if you want to have that view of the city you can do so at the Prudential Building by visiting the "Top of the Hub."
It really does not matter that this iconic tower has now changed hands. It is still an important part of the city's image. Whether you call it the John Hancock Building, The Hancock Tower or, simply the blue glass skyscraper, it remains one of the most impressive sites along the Boston skyline.
Copyright 2010 "The John Hancock Tower is Sold for $930 Million"
Claudette Millette, Broker, Owner, The Buyers' Counsel - (508) 881-6230
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