In 2008 Normandy Real Estate Partners, in partnership with Five Mile Capital Partners, acquired at a steep discount pieces of a mezzanine loan secured by the equity interests of the 1.7 million square foot John Hancock Tower & Garage in Boston, Massachusetts. The partnership's goal was to take control of the asset through a UCC foreclosure process. In June of 2009 the partnership successfully completed the foreclosure with a winning bid of $660.6 million. By the time the partnership took over ownership, the building's occupancy had dropped to 80% and its reputation in the market was severely damaged. Normandy's plan to turn around the asset included completing over $25 million of building capital improvements, including the installation of underground parking, relocating the food service from the concourse level to the first floor, and a lobby refurbishment.

By May of 2010 Normandy had executed several new leases including a long term lease for 270,000 square feet with Bain Capital bringing the occupancy up to 96%. Having completed its business plan well ahead of schedule, the partnership decided to market the property for sale. In December 2010, after only 17 months of ownership, the property was sold to a public REIT for $930 million generating a significant profit.