The 60-story John Hancock Tower to be auctioned - 3/31
The 1.7 million s/f John Hancock Tower will be auctioned off to the highest bidder on March 31st after lenders foreclosed on owner Broadway Partners.
Broadway Ptrs. purchased the building in December 2006 for $1.3 billion. The Hancock Tower is currently estimated to be worth approximately $800 million.
Lenders on the building include Normandy Real Estate Partners, Five Mile Capital Partners, Petra Capital Management, BlackRock Inc., RBS Greenwich Capital and the John Buck Co.
SL Green Realty Corp. has been hired to arrange for the auctioning of the building. Eastdil Secured, an investment bank, has been hired to market the Hancock Tower.
The 60-story skyscraper was designed by I.M. Pei and Henry Cobb in 1976. It is the tallest building in New England.
Boston, MA Newmark has completed the sale of 10 Liberty Sq. and 12 Post Office Sq. Newmark co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble,
Coming out of the pandemic, a client with three hotels in Provincetown, Mass., needed ways to let the world know his properties were open for business for the 2021 tourist season.
To say that the effects of COVID-19 has transformed office leasing is an understatement. When COVID-19 was at its peak, office spaces were practically abandoned either through governmental mandates or through actions taken by businesses themselves.
Many real estate investors do not understand the specific requirements that must be met to secure the benefits of a tax-deferred 1031 exchange. For example, the replacement property must be identified within 45 days of the closing date of the relinquished property.
While there is some flexibility when structuring a like-kind exchange, some important requirements must be met. A mistake can ruin your exchange. Here are five mistakes to avoid: