When Kevin O’Shea of Allen & Overy helped a group of buyers purchase the iconic John Hancock Tower in Boston for a relative pittance in the spring of 2009, he did not expect he’d be back 18 months later helping the same group sell the tower at a profit, he says. “From cradle to grave in two years? Nobody expected that,” he says. “We expected the world was going to end back then.”
It didn’t, and optimists are holding up the sale of the tower to Boston Properties as a sign that perhaps the commercial real estate market is ready for a true rebound. Boston Properties, headed by Mortimer Zuckerman, purchased the tower for $930 million–about $289.5 million in cash and $640 million in assumed debt, according to the Boston Globe and Bloomberg. Goodwin Procter advised Boston Properties on the deal. The sellers, Normandy Real Estate Partners and Five Mile Capital Partners, bought the tower for $20 million in cash and the assumption of $640 million in debt, according to a prior report from our colleague Julie Triedman.
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