International Place (A, B)

Boston Real Estate Playoff; A Perfect Ending?
Authors: Goetzmann, William; Tarsis, Irina
Source: Harvard Business School
Year: 2006
Number of pages: 21, 1

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Abstract:

First International Place, one of Boston's premier office buildings, was the subject of a control contest in 2005, as the New York real estate firm Tishman Speyer purchased the mortgage on the property through a sealed bid auction process and then sought to foreclose on the property. Elements in the case include the auction, valuation of the property in light of market conditions and issues of foreclosure, and strategies for recapitalization.