0 Former Hancock Tower Mortgage gets Paid Off

Hancock Tower Back Bay

Credit: Banker and Tradesman

Refinance is a hot topic for homeowners and office tower owners.  Boston Properties is addressing all their debt that matures in the next two years.

From Banker&Tradesman:

Boston Properties has spent $667.4 million to retire the mortgage on 200 Clarendon in Boston, the 62-story Back Bay landmark previously known as the Hancock Tower…The loan had an outstanding principal balance of $640.5 million at a 5.68 percent fixed rate and was scheduled to mature in January 2017, according to a press release. Boston Properties paid $667.4 million to buy U.S. government securities that will generate cash flow to pay off the loan in October 2016, the company said. The mortgage and liens on the property have been extinguished, Boston Properties said…Boston Properties’ strategy is to pay off or refinance debt that matures in the next two years at above-market rates.

Related Office Space for Lease
Back Bay office space for lease

0 Back Bay Office Tower Approved by BRA

Boston commons

Credit: Boston Globe

The BRA has given the green light for 625,000 square foot towner at 380 Stuart Street.

Banker&Tradesman reports, “the Boston Development Authority (BRA) board of directors approved four development projects totaling approximately $374.7 million at a recent meeting…John Hancock received approval to construct a new $350 million, 26-story office tower in Back Bay that will include a public lobby with restaurant and retail space, a roof deck and four levels of underground parking. The 625,000-square-foot tower on 380 Stuart St. will be home to a new signature office building for the company. The $350 million dollar project is expected to create 454 construction jobs.”

You can read more about the Back Bay development projects on B&T’s website, here.

0 Luke’s Lobster Opening in Back Bay

Luke's LobsterA new food option is coming to Back Bay on Exeter Street.  Look out Downtown, Back Bay has it: Luke’s Lobster!

From Bostinno:

Luke’s Lobster will be opening at 75 Exeter Street, at the base of the Avalon Communities. The new outpost will be a casual seafood shack – similar to its other locations in NYC, Philadelphia, DC, and Chicago. The menu will focus on fresh lobster, crab and shrimp rolls, along with a selection of chowders and bisques…The seafood shack is known for sourcing all of their lobster from Maine and, in addition to their affordable $16 lobster rolls, the restaurant also offers a tasty lobster grilled cheese sandwich for only $12.