The Real Deal Miami

Zuckerman opens up on Hancock Tower buy

January 03, 2011 04:19PM

After Boston Properties completed its acquisition of the $930 million iconic John Hancock Tower building in Boston, Mass., last week, company CEO Mortimer Zuckerman spoke to CNBC about the deal. “Those kinds of investments in these kind of [supply-constrained] markets will do very well for us over the short term, the intermediate term and especially over the long term,” Zuckerman said in the video above. Eighteen months ago, the property was in foreclosure and was worth $660 million. Regarding the price he just paid, 50 percent more, Zuckerman noted that the building has changed — a major tenant signed a lease for almost 30,000 square feet in the building, parking spots were added to bring the total to 2,000 and “the market has clearly improved,” Zuckerman said. However, “I wish I had bought it at $660M,” he added.