Normandy Real Estate Partners has appointed Mark Roopenian to manage the leasing activities of its portfolio in Boston’s central business district, including the recently acquired John Hancock Tower.
Roopenian was formerly with ex-Hancock Tower owners Broadway Partners, where he led the leasing, asset management and capital improvement programmes for the firm’s Boston portfolio. Included in the four million square foot portfolio was the John Hancock Tower, which Broadway acquired in 2006 as part of a $3.3 billion, 10-building deal.
However, Roopenian has now moved over to the new Hancock owners, Normandy, after Broadway defaulted on mezzanine loans secured by the property. In March, Normandy and Five Mile Capital Partners successfully bid $20.1 million for the tower in a foreclosure auction, with the assumption of a $640.5 million mortgage.
Normandy and Five Mile started buying discounted pieces of mezzanine debt secured against properties owned by Broadway in June 2008. During a conference last month, Normandy co-founder David Welsh revealed the complexity in trying to take over the landmark Boston skyscraper had been “surprising” adding that “we were not prepared for everything”.
In a statement today, Normandy said Roopenian was also previously a partner at Boston’s The Chiofaro Company for 23 years before joining Broadway.
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