Projo Biz Blog

BOSTON (AP) -- One of Boston's iconic skyscrapers could fetch half of what it cost less than three years ago when it goes on the auction block.

The John Hancock Tower, New England's tallest building, is being sold Tuesday in New York City under a foreclosure process that began in January.

The Boston Globe reports that owner Broadway Partners defaulted on some of the loans it used to purchase the skyscraper for $1.3 billion in late 2006.

The 60-story building's value has dropped to between $650 million and $750 million, according to analysis by the real estate firm Reis Inc.

The building has about 1.7 million square feet of office space.

Information from: The Boston Globe, http://www.boston.com/globe

 Tags  Boston Broadway Partners John Hancock Tower

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