BOSTON-After a year on the market, John Hancock FinancialServices Inc. is selling its two adjoining properties located inthe heart of the city's downtown area to NY-based the Related Cos.LP and locally based Beal Cos. LLP.

The properties include the 61,110 sf 131 Clarendon St. building,which is home to the Hard Rock Café, and an adjacent 18,000 sfparking lot at the corner of Stuart and Clarendon streets. RoyAnderson, a second vice president of public relations at Hancocktells GlobeSt.com that the transaction will close within a year,but terms of the deal are not being disclosed.

Don Hause, senior director at GVA Thompson Doyle Hennessey &Everest, estimates for GlobeSt.com that $30 million is what theproperties are worth when their redevelopment potential is takeninto account. “[The properties] will generate very good returns,”he says.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.