Boston’s Iconic Hancock Tower Is Losing Tenants In Downturn
As the City of Boston and it’s mayor Marino look to get the building industry going, it is losing tenants in it’s famous Hancock Tower. As what tends to happen in economic downturns, businesses retrench.
They move out of buildings like the Hancock Towers and into more modest facilities. It is cheaper and more cost efficient for these companies. And when this happens rents tend to fall as landlords try to fill their space. Not rocket science, is it?
So the city is promoting more high end construction while their top buildings are facing bankruptcy due to lower rents and lower occupancy rates.
Brilliant I say, brilliant!
Now, that purchase has boomeranged on the New York real estate investment firm: Two of the Hancock’s largest tenants have left, rents for top-shelf office space are falling, and Broadway Partners next month must repay of hundreds of millions in debt it has so far been unable to refinance.
Broadway Partners must now either get an extension on its Hancock loans or raise fresh capital in an environment where investors are running away from high-flying commercial property deals, said Boston real estate executives familiar with the matter. via The Boston Globe.
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