X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

John Hancock Financial Services reportedly paid the New York owners $454 million for the Brown and Berkeley building. The 501 Boylston St. property was sold to an unidentified buyer for $380 million, about $80 million more than Broadway paid to acquire the property, the executive tells GlobeSt.com.

In a statement released by Broadway, Scott Lawlor, the firm’s founder and CEO, says the acquisition was “a significant group of marquee properties in a highly desirable market.” Neither Lawlor nor officials from Beacon Capital could be reached in time for GlobeSt.com’s deadline.

Robert Griffin, president of Cushman & Wakefield of Massachusetts, which marketed the deal, called the sale “one of the better portfolio sales ever transacted in Boston” and said it reflects a growing trend of portfolio sales that are expected to continue into next year.

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

Once you are an ALM digital member, you’ll receive:

  • 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

*May exclude premium content
Already have an account?

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.