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Boston's skyscraper sells in bargain basement
Posted: 03.31.2009 at 12:50 PM
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Sunlight reflects off the John Hancock Tower onto a statue outside the Boston Public Library in Boston. The tower, New England's tallest building, is being sold Tuesday, March 31, 2009, in New York City under a foreclosure process that began in January.  / AP Photo/Michael Dwyer, file
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BOSTON (AP) — Two companies have landed a real estate bargain: Boston's tallest skyscraper.

The John Hancock Tower was bought Tuesday for about $660 million at a foreclosure auction in New York City.

That's about half of what it cost a little more than two years ago.

The 60-story building was acquired by a partnership between Normandy Real Estate Partners and Five Mile Capital Partners.

World-renowned architect I.M. Pei designed the building. It was sold after Broadway Partners defaulted on loans used to buy it in late 2006.

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