TSX/NYSE/PSE: MFC SEHK:945
BOSTON, Sept. 10, 2015 /PRNewswire/ - John Hancock Real Estate today announced
that it has acquired 1750 Pennsylvania Avenue NW, a 278,916 square
foot, 13 story, LEED Gold, Class "A" office building located in the
Central Business District of Washington, DC for US$182,000,000. John
Hancock is the U.S. division of Manulife Financial Corporation, one of
the largest life insurance companies in the world.
The property occupies a prominent location between the White House one
block to the east and the World Bank headquarters one block to the
west. The neighborhood boasts high-quality amenities and is in close
proximity to both public transportation and the expressway.
"Our acquisition of 1750 Pennsylvania Avenue expands our footprint in
the Washington market to over 1.3 million SF of office assets managed
on behalf of both John Hancock and external investors," said Kevin
Adolphe, President & Chief Executive Officer of Manulife Real Estate
and President & Chief Executive Officer of Manulife Asset Management
Private Markets. "In line with our growth strategy, in the past five
years, we've further diversified our real estate portfolio acquiring
over US$4.1 billion of complementary assets across key U.S. markets."
The property is 97 per cent leased to a diversified tenant base and the
building has undergone renovations in 2001 and 2014.
Operating as John Hancock Real Estate in the U.S. and Manulife Real
Estate in all other parts of the world, the Company'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. The global real
estate portfolio represents assets under management of US$14.0 billion
with properties totaling more than 58 million square feet as of June
30, 2015. Other key markets in the United States include Boston, Los
Angeles, New York, Chicago, San Francisco and Atlanta.
About Manulife Real Estate and John Hancock Real Estate
Manulife Real Estate is the global real estate arm of Manulife,
operating as John Hancock Real Estate in the U.S. and Manulife Real
Estate in all other parts of the world. Manulife Real Estate has 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.
In addition to equity real estate, Manulife Real Estate manages the
space requirements and own use facilities for Manulife and John Hancock
operations around the world. Manulife Real Estate also extends its real
estate asset management expertise to institutional investors. As at
June 30, 2015, the Manulife Real Estate portfolio totaled more than 58
million square feet with AUM market value of C$17.5 billion (US$14.0
billion). Additional information about Manulife Real Estate can be
found at www.manuliferealestate.com
About Manulife
Manulife Financial Corporation is a leading international financial
services group providing forward-thinking solutions to help people with
their big financial decisions. We operate as John Hancock in the
United States, and Manulife elsewhere. We provide financial advice,
insurance and wealth and asset management solutions for individuals,
groups and institutions. At the end of 2014, we had 28,000 employees,
58,000 agents, and thousands of distribution partners, serving 20
million customers. At the end of June 2015, we had $883 billion (US$708
billion) in assets under management and administration, and in the
previous 12 months we made more than $22 billion in benefits, interest
and other payments to our customers. Our principal operations are in
Asia, Canada and the United States where we have served customers for
more than 100 years. With our global headquarters in Toronto, Canada,
we trade as 'MFC' on the Toronto, New York, and the Philippine stock
exchanges and under '945' in Hong Kong. Follow Manulife on Twitter @ManulifeNews or visit www.manulife.com or www.johnhancock.com.
SOURCE Manulife Financial Corporation