John Hancock Tower
The 60-story skyscraper, designed by Henry N. Cobb of the firm I. M. Pei & Partners, is the tallest building in New England and located in the Back Bay neighborhood of Boston. In 2009 Normandy, along with an institutional capital partner, acquired the equity interests in the John Hancock Tower and Garage through a mezzanine loan foreclosure at a significant discount to replacement cost. Upon taking control of the iconic tower and neighboring parking garage, a significant capital improvement plan commenced to upgrade the amenities through relocation of the food service from the basement to the ground floor, the creation of in-building parking, and a refurbishment of the lobby. With renovations underway, the partnership signed a long-term lease with Bain Capital for approximately 400k square feet, stabilizing the property at 94% occupancy. Having completed the business plan significantly ahead of schedule, the property was sold to a public REIT within 17 months of ownership generating a substantial profit.