In 2006, Broadway Partners acquired Hancock Place for $1.3 billion. By 2009, they had defaulted on the loans they used to buy the building, and it fell into foreclosure. On March 30, 2009, Hancock Place was sold at auction for $660 million ($20 million was new equity and the $640 million of in-place debt was assumed by the buyer) to a consortium of Normandy Real Estate Partners and Five Mile Capital Partners. The companies had been slowly increasing their investment over the previous months. In October 2010, Boston Properties acquired the John Hancock Tower for $930 million. As part of the purchase agreement, the name "Hancock Tower" would expire along with John Hancock's lease in 2015.