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Image courtesy of Skidmore, Owings & Merrill
John Hancock is seeking to sell development rights to a Boston Planning & Development Agency-approved 26-story tower near its namesake tower in Boston’s Back Bay.
The 625,000-square-foot building at 380 Stuart St., on the site of a shorter office building Hancock owns, was OK’d in 2016. Designed by architects Skidmore, Owings & Merrill, the $350 million tower was touted as improving the Back Bay streetscape with a pedestrian pathway lined with cafes and amenities. The crown atop the 390-foot-tall structure – which had drawn comparisons to an office paper shredder – would contain office space, conference center, roof deck and penthouse for utility storage.
As Banker & Tradesman reported three years ago, Colliers International was the development advisor. However a Hancock spokesperson said the company has not yet engaged a broker to assist with the sale.
The sale will likely take place “sometime next year,” the spokesperson said. With BDPA approvals in hand, it is possible the eventual buyer will be able to commence construction right away.
The company’s decision to sell was prompted by changes to its space needs in the wake of consolidating its headquarters at 197 Clarendon St. and 200 Berkeley St.
“After moving and reconfiguring our office space for a more agile working environment, we assessed our company-wide space needs, and determined that 380 Stuart was no longer needed. This sale then became an investment decision based on a macro view of our investment portfolio as part of our general account,” a company statement read.
