John Hancock acquires Oracle Tower, 12 story, Class "A" office building in Orange County, 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 Oracle Tower, a 12 story, 272,887 SF, Class A office tower located at 17901 Von Karman Avenue within the Irvine Concourse Corporate Center in Orange County, California.
"This latest acquisition is consistent with our strategy to seek out complementary assets in the key gateway markets we do business in," said Kevin Adolphe, President and CEO of Manulife Real Estate. "Oracle Tower is a fantastic addition to our portfolio. It is a core asset that provides long-term value that strengthens our commitment in the Greater Los Angeles Area."
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. With this new acquisition, the Company’s global real estate portfolio now represents a market value of US$10.5 billion with properties totaling more than 39 million SF. Other key markets in the United States include Boston, New York, Los Angeles, San Francisco, Washington, DC and Atlanta.
Oracle Tower, constructed in 1985, is a LEED Gold Certified building that was renovated in 2000 and 2010 modernizing the interior, building systems and exterior public spaces. It is located at Von Karman Avenue and Main Street, and is adjacent to the 405 San Diego Freeway. Oracle Tower is located within the three million SF Irvine Concourse offering access to an array of convenient amenities for tenants and visitors.
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. In 2011, Manulife Real Estate launched a new real estate fund platform, extending its real estate asset management expertise to institutional investors. As at June 30, 2014, the Manulife Real Estate portfolio totaled more than 38 million square feet with a market value of C$10.9 billion (US$10.2 billion). Additional information about Manulife Real Estate can be found at manuliferealestate.com.
Manulife 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 and its subsidiaries were approximately C$637 billion (US$597 billion) as at June 30, 2014. We operate as John Hancock in the U.S. and as Manulife in other parts of the world.
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.
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