Transaction brings total Chicago portfolio to over 7 million SF
TSX/NYSE/PSE: MFC SEHK:945
BOSTON, May 27, 2015 /PRNewswire/ - John Hancock, the U.S. division of Manulife Financial Corporation, today announced it has acquired One South Wacker, a 40 story, 1,195,170 SF, Class "A" office building located in Chicago's Central Business District's West Loop.
"One South Wacker represents the type of high quality assets we acquire in key gateway markets where we do business," said Kevin Adolphe, President & Chief Executive Officer of Manulife Real Estate and President & Chief Executive Officer of Manulife Asset Management Private Markets. "The acquisition is consistent with our strategy to seek out complementary, core office towers that can provide long term value for our global portfolio. We are proud to strengthen our commitment to the Chicago market with the acquisition of One South Wacker."
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$13.2 billion with properties totaling more than 55 million SF as of March 31, 2015. Other key markets in the United States include Boston, Los Angeles, New York, Washington DC, San Francisco and Atlanta.
"One South Wacker grows our Chicago portfolio to over 7 million SF, one of our most active investment markets," said Ted Willcocks, Global Head of Asset Management, Manulife Real Estate. "With a prime location in Chicago's West Loop, One South Wacker is an asset that complements our existing Chicago portfolio and is a great addition to our global real estate presence."
One South Wacker, constructed in 1982 and renovated in 2014, is a LEED Gold Certified office tower. Located at the prime intersection of South Wacker and Madison streets in Chicago's West Loop submarket, One South Wacker provides easy access to all modes of transportation and amenities including restaurants, hotels and luxury shopping. Other Chicago properties owned or managed by John Hancock include 55 West Monroe, 191 N. Wacker, 200 S. Wacker and 150 N. Michigan Avenue.
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's operations around the world. Manulife Real Estate also extends its real estate asset management expertise to institutional investors. As at March 31, 2015, the Manulife Real Estate portfolio totaled more than 58 million square feet with AUM market value of C$16.7 billion (US$13.2 billion). Additional information about Manulife Real Estate can be found at www.manuliferealestate.com
Manulife is a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. We operate as John Hancock in the U.S. and as Manulife in other parts of the world. We provide strong, reliable, trustworthy and forward-thinking solutions for our customers' significant financial decisions. Our international network of employees, agents and distribution partners offers financial protection and wealth management products and services to millions of clients. We also provide asset management services to institutional customers. Assets under management by Manulife and its subsidiaries were approximately C$821 billion (US$648 billion) as at March 31, 2015.
Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '945' on the SEHK. Manulife can be found on the Internet at manulife.com
SOURCE Manulife Financial Corporation
Image with caption: "John Hancock acquires One South Wacker, a 40 story, Class "A" office building in Chicago's Central Business District (CNW Group/Manulife Financial Corporation)". Image available at: http://photos.newswire.ca/images/download/20150527_C9378_PHOTO_EN_43451.jpg
Image with caption: "John Hancock acquires One South Wacker, a 40 story, Class "A" office building in Chicago's Central Business District (CNW Group/Manulife Financial Corporation)". Image available at: http://photos.newswire.ca/images/download/20150527_C9378_PHOTO_EN_43454.jpg