Manulife to Build New 27-storey Office Tower in Calgary
Brion Energy Announced as Lead Tenant
Calgary – Manulife Real Estate, the global real estate arm of Manulife Financial Corporation today announced the development of 707 Fifth Street, a 27-storey, 564,000 square foot, “AAA”, LEED Gold Certified office tower in the downtown core of Calgary.
Designed by world-renowned architects Skidmore, Owings and Merrill, is destined to become an icon in the Calgary skyline. The Calgary office of Pivotal Projects is managing the project which has a targeted completion date of March 2017.
“Manulife has a long-standing presence in the Calgary real estate market dating back to the early 1960’s,” said Kevin Adolphe, President and CEO, Manulife Real Estate. “We look forward to carrying on that proud tradition with 707 Fifth Street, which will become a best-in-class office tower in Calgary.”
Manulife Real Estate’s 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. Manulife currently owns and manages eight properties in Calgary and 707 Fifth Street will bring its portfolio in the city to approximately 1.3 million square feet.
707 Fifth Street’s distinct elliptical form, with floor-to-ceiling glass, is designed to maximize sunlight exposure and provide panoramic views of the city and the Rocky Mountains. Amenities at 707 Fifth Street will include a fitness centre, on site conference facility and a landscaped winter garden. The building’s prime location, just steps from the upscale Core Shopping Centre, is also expected to benefit from a direct link to Calgary’s +15 walkway network.
“Delivering a world-class development such as 707 Fifth supports our forward-thinking investment strategy in Calgary,” said Ted Willcocks, Global Head of Asset Management at Manulife Real Estate. “It brings to market an exceptional workplace environment for tenants.”
Brion Energy, previously Dover Operating Corp., has been secured as the lead tenant of the building. The growing 270-person company operates two leases in the bitumen-rich oil sands near Fort McMurray, Alberta.
“Brion Energy is excited to have a long-term solution to our office space requirements and a place to call ‘home,’” said Brion President and Chief Executive Officer Zhiming Li. “As a growing company, we have been challenged to find a large block of vacant office space in Calgary’s core that meets our needs. Manulife’s other properties are impressive and Brion can’t wait to be in what we know will be a beautiful facility in the heart of Calgary.”
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 March 31, 2013, the Manulife Real Estate portfolio totaled more than 36 million square feet with a market value of C$9.3 billion (US$9.2 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$555 billion (US$547 billion) as at March 31, 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.
Sean B. Pasternak