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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
"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
the United States and
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
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
Los Angeles and
"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.
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.