Hub's tallest building
faces foreclosure

- BOSTON -- New England's tallest skyscraper is facing foreclosure.

The John Hancock Tower in Boston will be auctioned next month after lenders moved to foreclose on owner Broadway Partners, which has defaulted on some debt payments on the building it bought in 2006.

New York firm Green Loan Services LLC said in a statement it was hired by Hancock lenders on Friday and has scheduled the auction for March 31.

Broadway Partners could still renegotiate terms of the loans to stave off foreclosure.

Broadway Partners bought the 60-story Hancock Tower in 2006 for $1.3 billion. The building, with about 1.7 million square feet of office space, is now estimated to be worth between $700 million and $900 million.