The 60-story skyscraper, designed by Henry N. Cobb of the firm I. M. Pei & Partners, is the tallest building in New England and located in the Back Bay neighborhood of Boston. Two joint venture partners acquired the equity interests in the John Hancock Tower and Garage through a mezzanine loan foreclosure at a significant discount to replacement cost. Upon taking control of the iconic tower and neighboring parking garage, a $25 million base building capital improvement plan was commenced to improve the amenities through relocation of the food service from the basement to the ground floor, the creation of in-building parking, and a refurbishment of the lobby. With renovations underway, there was a long-term lease with Bain Capital for floors 36-43 and stabilizing the property at 94% occupancy. Having completed the business plan significantly ahead of schedule, the property was sold to a public REIT.