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Hancock Tower Sells in $3.3B Portfolio Buy

BOSTON-Broadway Real Estate Partners takes three metro assets in a 10-building deal from Beacon Capital Partners.

By Beverly Ford | Updated on December 29, 2006

BOSTON-The Back Bay’s landmark John Hancock Tower has been sold by locally based Beacon Capital Partners as part of a $3.3-billion transaction. New York-based Broadway Real Estate Partners purchased the building which was part of a multi-asset portfolio.

The 10 buildings in the portfolio deal are the John Hancock Tower; the 900,000-sf Citigroup Center at 444 South Flower St. in Los Angeles; 1615 L St. NW and 2445 M Street in Washington, DC; 1888 Century Park East and 10 Universal Plaza in Los Angeles; 200 Berkeley St., the Stephen L. Brown Building located at 197 Clarendon St., and 501 Boylston Street in Boston; and Bank One Tower in Denver, according to a release.

A real estate executive familiar with the transaction tells GlobeSt.com that Broadway plans to retain ownership of the 60-story Hancock tower but has flipped the two other Back Bay properties 501 Boylston St. and the nearby Brown and Berkeley building.

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