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Boston Properties has completed a deal worth close to $930 million that sees it take control of the John Hancock office building in the city of Boston, Massachusetts.
The John Hancock building rises 62-storeys in the Boston skyline and boasts roughly 1.7 million square feet of rentable office space, according to the figures of Boston Properties itself, a leading real estate investment trust.
A joint venture between affiliates of Normandy Real Estate Partners and Five Mile Capital Partners respectively had previously owned the property, which affords a panoramic view right across Boston Harbour and its central financial district.
As its name might suggest, Boston Properties counts the Massachusetts capital among its primary areas of activity but the investment trust also has considerable office space assets in Washington DC, San Francisco, New Jersey and Midtown Manhattan.
Indeed, with the purchase of another enormous office space tower on the East Coast, the group has further affirmed its position as one of the foremost real estate investors in America.
Explaining some of the details of the transaction, a statement from Boston Properties said: “The purchase price consisted of approximately $289.5 million of cash and the assumption of approximately $640.5 million of indebtedness.
“The assumed debt is a securitized senior mortgage loan that bears interest at a fixed rate of 5.68 per cent per annum and matures in January 2017.”
Over in Chicago meanwhile, another major American office space owner the Irvine Company has reportedly done a deal to acquire the 42-storey Hyatt Center in the West Loop area of the city’s central business district.