Boston's tallest building sold in $3.3 billion deal

/ Source: The Associated Press

The John Hancock Tower, Boston's tallest skyscraper, has been sold to a New York real estate firm as part of a $3.3 billion deal for a package of buildings across the nation.

The 60-story Hancock Tower, with about 1.75 million square feet of office space, was sold to Broadway Real Estate Partners LLC, the firm announced on Thursday.

Although Broadway did not break down how much it paid for each of the 10 buildings involved in the deal, the Hancock Tower was sold for between $1.3 billion to $1.4 billion, according to published reports.

Beacon Capital Partners LLC bought the Hancock Tower in 2003 for $910 million from John Hancock Financial Services.

The Hancock Tower was the largest of the 10 properties in an investment portfolio of high-end commercial property that Beacon Capital Partners offered.

The sale also included three other buildings in Boston; the Citigroup Center in Los Angeles; 1615 L Street NW and 2445 M Street in Washington D.C.; and Bank One Tower in Denver.

"This is a significant group of marquee properties in highly desirable markets that we are confident will deliver strong risk-adjusted returns to our investors," Scott Lawlor, Broadway's founder and chief executive said in a statement.

The 790-foot tall, dark blue glass Hancock Tower was designed by architect I.M. Pei and completed in 1976. It remains one of Boston's most recognizable landmarks.

The deal included buildings at 197 Clarendon Street and 200 Berkeley Street.

Broadway immediately sold those two buildings to Manulife Financial Corp. for $454 million. Manulife purchased John Hancock in 2004.

The purchase reinforces the company's commitment to the Boston area, Manulife said.