News that a local landmark in my former home of Boston is going for a fire sale price didn't come as a surprise. The Hancock Tower is (apparently) the tallest skyscraper in New England, and is about to go on the block as its current owner Broadway goes under.
Just to add spice to the equation, the lenders to this deal (purchased from Beacon Hill Partners) were Lehman Brothers and Royal Bank of Scotland. I'm slightly annoyed that my usual technique (just find where Merrill is doing deals - that's where trouble will come) has been jinxed by this one.
Some of the side comments around this auction are interesting. Apparently, Broadway felt that some reduction in vacancy rate (it was 99% at purchase) would be good, as it would allow the option to re-lease space at higher rates. The Hancock Tower wasn't the only thing that was high...
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