BOSTON, MA, Aug. 11, 2016 /PRNewswire/ - John Hancock today announced that its Real Estate business has acquired 535-545 Boylston, which consists of two interconnected, 13-story office buildings totaling 185,000 square feet. The buildings are located in Boston, Massachusetts and the price paid was US$100.5 million.
535-545 Boylston, home to a diversified roster of tenants, is located in the heart of Boston's Back Bay neighborhood at the highly coveted Boylston and Clarendon intersections. This acquisition builds on John Hancock's commitment to Boston and the Back Bay area where the Company currently owns 197 Clarendon, 200 Berkeley and recently announced a US$350 million redevelopment at its 380 Stuart Street building.
"Boston is ranked as one of the top cities for long term investment performance and is also home to John Hancock, our US headquarters," said Kevin Adolphe, President & Chief Executive Officer of Manulife Real Estate. "We have deep roots here and are pleased to strengthen and build our commitment in the city of Boston."
John Hancock Real Estate manages US$15.2 billion (as of June 30, 2016) of real estate with expertise in core office, industrial and multi-family. Over the last five years, John Hancock has made US$6.5 billion of acquisitions in key markets across the U.S., Canada and Asia. Other key markets in the United States include Los Angeles, San Francisco, San Diego, Chicago, New York, Washington DC, and Atlanta.
About Manulife Real Estate and John Hancock Real Estate
Manulife has been investing in and managing direct core and core-plus real estate for more than 80 years. Operating as John Hancock Real Estate in the U.S. and Manulife Real Estate elsewhere, we proudly invest, own, develop and asset manage commercial real estate in major metropolitan cities across the globe. We leverage our fully integrated in-house capabilities to best serve our customers and investors while generating value for our stakeholders. Manulife Real Estate manages the space requirements and own use facilities for Manulife and John Hancock operations around the world. Manulife Real Estate is the global real estate arm of Manulife and is a unit of Manulife Asset Management Private Markets where we extend our unique asset management capabilities for the benefit of institutional investors. As at June 30, 2016, the Manulife Real Estate portfolio totaled more than 62 million square feet with an AUM market value of C$19.8 billion (US$15.2 billion). To find out how you can benefit from our unique approach to real estate please visit us at www.manuliferealestate.com.
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 2015, we had approximately 34,000 employees, 63,000 agents, and thousands of distribution partners, serving 20 million customers. At the end of June 2016, we had $934 billion (US$718 billion) in assets under management and administration, and in the previous 12 months we made more than $25.4 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