John Hancock acquires Landmark Square office tower in Long Beach, California
BOSTON - 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 Landmark Square in Long Beach, California from Brookfield Office Properties for US$135.5 million (C$142.4 million).
"This latest acquisition is consistent with our strategy to build and diversify our real estate investment portfolio. In the past several months, we have added several properties to our portfolio, each in diverse markets across Canada, Asia and the United States," said Kevin Adolphe, President and CEO of Manulife Real Estate. "This is an excellent addition to our global portfolio and consistent with our criteria of investing in core real estate assets that provide long-term value."
The Company's global real estate portfolio represents a market value of US$8.9 billion (C$9.3 billion) with properties totaling more than 36 million square feet. Key markets in the United States include Boston, Chicago, Washington DC, Atlanta, Los Angeles and San Francisco.
"Landmark Square represents a logical extension of our presence in California," said Ray Rothfelder, Managing Director responsible for overseeing John Hancock's real estate assets in the Western United States. "The property is ideally located, of the highest quality and is extremely well leased with two of the region’s most prominent employers as tenants. We have long known that Long Beach is an excellent location, having made our first California acquisition there in the 1970s. It provides excellent value and potential, evidenced by its high-demand, supply-constrained market."
Landmark Square, a 460,000 square-foot, 24-story office tower was built in 1990. The architecturally distinctive property includes a nine-story parking structure and is centrally located on Ocean Blvd. with attractive amenities and outstanding oceanfront views. The building was awarded Energy Star labels in five of the last six years, LEED Silver certification in 2010 and the BOMA Building of the Year in 2007.
The Company has a longstanding presence in the California real estate landscape with properties throughout greater Los Angeles and San Diego. Expansion to San Francisco came in September 2010 with the purchase of Market Center and in 2011 with the purchase of Hawthorne Plaza, both in the city’s downtown core. John Hancock also purchased The Michelson at 3161 Michelson Drive in Irvine, California in October, 2012. Today, John Hancock’s California real estate portfolio consists of 31 properties totaling approximately 7.5 million square feet plus land holdings.
Eastdil Secured acted as broker on the Landmark Square transaction.
About Manulife Real Estate
Manulife Real Estate is the global real estate arm of Manulife Financial Corporation with 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, through Manulife’s U.S. division, John Hancock. In addition to equity real estate, Manulife Real Estate manages the space requirements and own use facilities for Manulife’s operations around the world. In 2011, Manulife Real Estate launched a new real estate fund platform, extending the benefit of its long established real estate asset management expertise to institutional investors. As at June 30, 2013, the Manulife Real Estate portfolio totaled more than 36 million square feet with a market value of C$9.3 billion (US$8.9 billion). Additional information about Manulife Real Estate can be found at http://www.manuliferealestate.com.
About Manulife Financial
Manulife Financial is a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. Clients look to Manulife for strong, reliable, trustworthy and forward-thinking solutions for their most 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. Funds under management by Manulife Financial and its subsidiaries were C$567 billion (US$539 billion) as at June 30, 2013. The Company operates as Manulife Financial in Canada and Asia and primarily as John Hancock in the United States.
Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘945’ on the SEHK. Manulife Financial can be found on the Internet at manulife.com.