Hancock tower acquired by Normandy R.E. and Five Mile Capital partnership: $660.6m

Boston, MA The John Hancock Tower was sold recently for $660.6 million at a foreclosure auction in New York City. The signature Back Bay building was acquired by a partnership between Normandy Real Estate Partners and Five Mile Capital Partners, which have been buying some of the debt on the building since June. The partnership was the only entity to bid for the Hancock during the auction, which lasted less than 10 minutes. The firms initiated foreclosure after the Hancock's previous owner, Broadway Partners of New York, defaulted on some of the loans it used to buy the property for $1.3 billion in late 2006.

Allen & Overy LLP's New York office represented an investment partnership between Normandy Real Estate Partners and Five Mile Capital Partners in acquiring participation interests in a mezzanine loan secured by the equity interests in a portfolio of properties owned by Broadway Real Estate Partners with a view towards gaining ownership of the real estate securing the loan.