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John Hancock Acquires Three Office Properties In Key U.S. Markets

Stocks in this article: MFC

BOSTON, Dec. 19, 2013 /PRNewswire/ -- John Hancock, the U.S. division of Manulife Financial Corporation (TSX/NYSE/PSE: MFC), 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 percent 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.

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