![]() Goodwin Procter LLP advised Boston Properties and Allen & Overy LLP and Haynes & Boone LLP advised the seller in connection with the transaction. As New England's tallest building, the John Hancock Tower features a 360-degree panoramic view of the Back Bay, Charles River, Cambridge, the Public Gardens, Boston Harbor and Financial District. The garage is an eight-level, 2,013 space parking facility. The John Hancock Tower is an iconic 62-story, approximately 1,700,000 rentable square foot office tower located in the heart of Boston's Back Bay neighborhood. In connection with the transaction, the seller has agreed to fund and complete the cost of certain capital projects and tenant improvements that are currently underway. There can be no assurance that the acquisition will be completed on the terms or schedule currently contemplated, or at all. The closing is expected to occur in the fourth quarter of 2010 and is subject to customary closing conditions. Boston Properties expects to incur approximately $2 million of acquisition-related costs. The debt being assumed is a securitized senior mortgage loan that bears interest at a fixed rate of 5.68% per annum and matures in January 2017. The purchase price consists of approximately $289.5 million of cash and the assumption of approximately $640.5 million of indebtedness. ![]() The seller is a joint venture between an affiliate of Normandy Real Estate Partners and an affiliate of Five Mile Capital Partners. (NYSE: BXP), a real estate investment trust, announced today that it has entered into an agreement to acquire the John Hancock Tower and Garage in Boston, MA for an aggregate purchase price of approximately $930.0 million.
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