C$ unless otherwise stated
TSX/NYSE/PSE: MFC
SEHK:945
BOSTON, Dec. 19, 2013 /CNW/ - John Hancock, the U.S. division of
Manulife Financial Corporation, one of the largest life insurance
companies in the world, announced today that it has acquired three
office properties totaling US$618 million in New York, Chicago and
Boston.
"We are constantly assessing opportunities to grow our real estate
investment portfolio. We've done just that yet again with these three
excellent properties that align nicely with our strategy of investing
in core and diverse markets," said Kevin Adolphe, President and CEO of
Manulife Real Estate and Manulife Asset Management Private Markets. "We
remain optimistic about these markets and will continue to evaluate
core office, industrial and multi-family residential property
investments throughout Canada, the United States and Asia."
John Hancock's real estate portfolio is diversified by both geography
and asset type, consisting primarily of prime office and industrial
properties, as well as select retail and multi-family residential
properties, in key metropolitan centers throughout Canada, Asia and the
United States. With these new acquisitions, the Company's global real
estate portfolio now represents a market value of US$10.4 billion
(C$10.7 billion) with properties totaling more than 39 million SF.
Other key markets in the United States include Washington DC, Atlanta,
Los Angeles and San Francisco.
"These properties represent the type of high quality assets we acquire
in key markets as a priority for our strategic plan. The strong tenant
rosters and superb locations make these excellent additions to our
investment portfolio," added Ted Willcocks, Global Head of Asset
Management for Manulife Real Estate.
100 William Street, New York City
100 William Street, a 422,000 SF 21-story class A office building in New
York's Financial District, was acquired from Mitsui Fudosan America for
US$166.5 million (C$176.5 million) in a deal that closed December 10,
2013.
The property was built in 1972 and substantially renovated in 2012. It
was designed by renowned architect Emery Roth and is located in the
heart of the Financial District in Lower Manhattan. The building is 95
per cent leased to a diverse array of tenants.
The Company's New York City Metropolitan area real estate portfolio is
approximately US$688 million (C$729 million) and totals more than 1.9
million SF.
CBRE acted as broker on the 100 William Street transaction.
200 South Wacker, Chicago, Illinois
200 South Wacker, a 40-story premier trophy office building in the
Chicago central business district, was acquired from a joint venture
comprised of Equity Group Investments, Pearlmark Real Estate Partners
and TEIR REIT for US$214.5 million (C$227 million) in a deal that
closed December 19, 2013.
The property is a 754,750 SF architectural icon, built in 1981,
extensively renovated in 2011 and designed by prominent architect Harry
Weese & Associates. It is located in the heart of Chicago's top
performing West Loop submarket. The property is 96 per cent leased to a
diversified mix of well-established tenants.
John Hancock's Chicago real estate portfolio is approximately US$824
million (C$873 million) and totals approximately 5.7 million SF.
HFF marketed 200 South Wacker on behalf of the seller.
Wellesley Office Park, Greater Metropolitan Boston, MA
Wellesley Office Park, located in Greater Metropolitan Boston, was
acquired from an affiliate of Blackstone for US$237 million (C$251
million) in a deal that closed December 11, 2013.
The award-winning 650,000 SF office park is located in Wellesley, one of
Boston's most prominent and affluent suburbs. It is currently 90 per
cent leased with a blue chip roster of long-term tenants and received
the Office Building of the Year designation by BOMA in 2010.
The Company's Boston real estate portfolio is approximately US$1.1
million (C$1.2 million) and totals more than 2.5 million SF.
HFF acted as broker on the Wellesley Office Park transaction.
About Manulife Real Estate
Manulife Real Estate is the global real estate arm of Manulife Financial
Corporation with fully integrated in-house capabilities and 70 years of
experience as an active investor, owner, developer and asset manager of
commercial real estate. Diversified by both geography and asset type,
the portfolio consists primarily of prime office and industrial
properties, as well as select retail and multi-family residential
properties, in key metropolitan centers throughout Canada, Asia and in
the United States, through Manulife's U.S. division, John Hancock. In
addition to equity real estate, Manulife Real Estate manages the space
requirements and own use facilities for Manulife's operations around
the world. In 2011, Manulife Real Estate launched a new real estate
fund platform, extending the benefit of its long established real
estate asset management expertise to institutional investors. As at
September 30, 2013, the Manulife Real Estate portfolio totaled more
than 37 million square feet of assets under management with a market
value of C$10.1 billion (US$9.8 billion). Additional information about
Manulife Real Estate can be found at http://www.manuliferealestate.com.
About John Hancock Financial and Manulife Financial
John Hancock Financial is a division of Manulife Financial, a leading
Canada-based financial services group with principal operations in
Asia, Canada and the United States. Operating as Manulife Financial in
Canada and Asia, and primarily as John Hancock in the United States,
the Company offers clients a diverse range of financial protection
products and wealth management services through its extensive network
of employees, agents and distribution partners. Funds under management
by Manulife Financial and its subsidiaries were C$575 billion (US$559
billion) as at September 30, 2013. Manulife Financial Corporation
trades as 'MFC' on the TSX, NYSE and PSE, and under '945' on the SEHK.
Manulife Financial can be found on the Internet at manulife.com.
The John Hancock unit, through its insurance companies, comprises one of
the largest life insurers in the United States. John Hancock offers and
administers a broad range of financial products, including life insurance, annuities, fixed products, investments, 401(k) plans, long-term care insurance, college savings, and other forms of business insurance. Additional information about
John Hancock may be found at johnhancock.com, and on Facebook, Twitter, Linkedin and YouTube.
SOURCE Manulife Financial Corporation
Image with caption: "Wellesley Office Park is a 650,000 SF office park located in Wellesley, one of Boston's most prominent suburbs. (CNW Group/Manulife Financial Corporation)". Image available at: http://photos.newswire.ca/images/download/20131219_C5668_PHOTO_EN_35145.jpg
Image with caption: "200 South Wacker is a 754,000 SF 40-story premier trophy office building located in the Chicago central business district. (CNW Group/Manulife Financial Corporation)". Image available at: http://photos.newswire.ca/images/download/20131219_C5668_PHOTO_EN_35141.jpg
Image with caption: "100 William Street is a 422,000 SF 21-story class A office building located in the heart of New York City's financial district. (CNW Group/Manulife Financial Corporation)". Image available at: http://photos.newswire.ca/images/download/20131219_C5668_PHOTO_EN_35143.jpg
