Boston's skyscraper sells in bargain basement

[April 01, 2009]  BOSTON (AP) -- Two companies have landed a real estate bargain: Boston's tallest skyscraper.

The John Hancock Tower was bought Tuesday for about $660 million at a foreclosure auction in New York City.

That's about half of what it cost a little more than two years ago.

The 60-story building was acquired by a partnership between Normandy Real Estate Partners and Five Mile Capital Partners.

World-renowned architect I.M. Pei designed the building. It was sold after Broadway Partners defaulted on loans used to buy it in late 2006.

[Associated Press]

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