The Real Deal Miami

Zuckerman’s Boston Properties acquires Hancock Tower for $930M

October 04, 2010 03:45PM

John Hancock Tower

Mortimer Zuckerman’s Boston Properties agreed to acquire the iconic John Hancock Tower and Garage in Boston, Mass., for $930 million, with a closing expected in the fourth quarter of 2010, the firm announced today. The seller is a joint venture between Normandy Real Estate Partners and Five Mile Capital Partners. The company is paying $289.5 million in cash and is assuming $640.5 million in debt. Boston Properties expects to incur approximately $2 million in acquisition-related costs. The seller has agreed to fund and complete the cost of certain capital projects and tenant improvements that are currently underway. The John Hancock Tower is an iconic 62-story office tower with approximately 1.7 million of rentable square feet, located in Boston’s Back Bay neighborhood. TRD