Repositioned, renovated, and full of new tenants, we sold the John Hancock Tower Portfolio at a market record price - a proud accomplishment for our team. Located in the Magnificent Mile district, the building was officially renamed 875 North Michigan Avenue in 2018. 9 In 1977, the American Institute of Architects presented the firm with a National Honor Award for the building, and in 2011 conferred on it the Twenty. The John Hancock Center is a 100-story, 1,128-foot super tall skyscraper located in Chicago, Illinois. Pei & Partners and was completed in 1976. This helped ensure that ownership of the garage was stable for the coming years, giving future building owners peace of mind. The John Hancock Tower, on the southeast corner of Copley Square, is a 60-story, 790 ft (240 m) skyscraper. We also negotiated with the transportation authority to extend air rights for the garage with fixed lease payments through 2029. Improved the 2,000-space garage by investing $9.5 million to increase its use and parking revenue. The property also earned its first ENERGY STAR® ratings in 20. Earned an EPA Environmental Merit Award, which honors those who make outstanding contributions to a community’s environment. Our $3 million investment in environmental systems alone was able to cut energy costs by a third. Reduced operating costs by $2.7 million per year. This ensured a 96% occupancy for at least three years. We retained the existing tenants and leased almost a million square feet to some of the most prestigious firms in Boston, commanding the highest rental rates in the area at the time. In our sweeping effort, we: Enticed high-profile firms by repositioning the complex from a corporate property to a multi-tenant building. This rapid closing process marked the start of a three-year endeavor to transform the property into a thriving, sustainable workplace. Introducing CloudBar at 360 CHICAGO on the 94th floor Observation Deck where European design meets Chicago's neighborhoods in the clouds The 18 seat bar celebrates Chicago's 77 neighborhoods with a locally inspired cocktail menu, and illustrations from renowned Chicago street artistLauren Asta. Lowered yearly operating costs, including one-third lower energy use In less than two weeks from start to finish, we closed the deal. This allowed us to take over ownership, without worrying about their near-term vacancy. To balance our own risk, we proposed that they remain a tenant and lease the space from us for the next five years. John Hancock’s priority was getting a higher price upfront, so we structured a deal to make that happen. Knowing that we’d need to move fast, we lined up the right capital and investors and then focused on what matters most in these situations: the seller’s needs. The complex includes nearly 3 million square feet in the heart of Boston’s Back Bay: So when this property came up for sale in a competitive bid, we had our sights set on a sizeable acquisition. It’s a glass-glazed, 60-story icon that defines the Boston skyline. The John Hancock Tower is the tallest building in Boston.
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