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.

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0 Copley’s Iconic Hancock Tower Named Changed to 200 Clarendon St.

John Hancock building at 200 Clarendon

Credit: BBJ

Good bye to the JHT, John Hancock Tower, hello 200 Clarendon Street.

From B&T:

Landlord Boston Properties has formally renamed New England’s tallest building, the 60-story John Hancock Tower, now that Manulife’s John Hancock Insurance division no longer occupies any office space in the mirrored glass rhomboid.

“We’re not allowed to call it (the Hancock Tower) anymore as the Hancock Manulife lease expired at the end of the second quarter,” Boston Properties President Douglas Linde said during a conference call today.

Boston Properties acquired the property in 2010 for $930 million. Leases by John Hancock and State Street Corp. totaling 414,000 square feet recently expired, increasing vacancies in the 1.7-million-square-foot tower. Boston Properties is repositioning the former State Street offices as tech space under the “120 St. James” name, reflecting a new entrance on that avenue.