Boston’s Hancock Tower losing tenants

December 18, 2008
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Even the iconic Boston City Hancock Towers has not been spared from the real estate woes bugging the nation.  The Hancock Towers is the latest casualty of an economic slump which forced most of its tenants to vacate their offices in exchange for more affordable facilities.

During these times, companies including the locators of Hancock Towers find it more practical and cost efficient to locate in more modest locations.  It is also during these times when most landlords reduce their rents to fill in vacant spaces.
This recent happening is ironic considering the city’s bid to encourage high-end construction.

The decrease in the number of tenants plus the lowering of office space rents has created a dilemma for the company behind Hancock Towers considering that it was unable to refinance its loans amounting to hundreds of millions.