Beantown's Brown Bounces Back
Is Boston's real estate market finally waking up? Office vacancy rates are falling, demand for apartment rentals is robust, and Harold Brown, Boston's onetime real estate czar, is back. When the region's economy collapsed, Brown and his empire of 160 buildings landed in bankruptcy court owing $675 million to 39 lenders. But on Aug. 25, Brown won approval for the last leg of his restructuring. With the plan, Brown preserves two-thirds of his empire, but will sell or refinance a total of 60 buildings.