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John Hancock Tower Has A New Owner

Boston's iconic John Hancock Tower has a new owner.

Two of the building's debt holders Normandy Real Estate Partners and Five Mile Capital Partners have agreed to pay more than $660 million for the 60-story building.

The outcome is a major blow to its previous owner, Broadway Partners which bought the tower for $1.3 billion in 2006, but lost it to foreclosure after defaulting on some loans.

This program aired on March 31, 2009. The audio for this program is not available.

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