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Hancock Tower owner reworks Ill. debt

Bloomberg News / March 12, 2009
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CHICAGO - Broadway Partners, the real estate investor that may lose control of the John Hancock Tower in Boston, reached an agreement with its lender to restructure debt on a 46-story office tower in Chicago.

The company will retain ownership of 500 W. Monroe St. in a deal with Transwestern Mezzanine Realty Partners II, Broadway Partners said. Transwestern Commercial Services will take over management and leasing of the tower. The amount of debt wasn't disclosed.

Broadway used short-term debt to buy more than $8 billion of office towers from December 2006 to May 2007.

The company also owns the John Hancock Tower, which is scheduled to be auctioned March 31. An affiliate of New York-based SL Green Realty Corp. has been hired to service the mezzanine loan on which Broadway Partners missed a payment in January.

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