John Hancock Acquires 1750 Pennsylvania Avenue NW, Washington, DC
Boston – John Hancock Real Estate today announced that it has acquired 1750 Pennsylvania Avenue NW, a 278,916 square foot, 13 story, LEED Gold, Class "A" office building located in the Central Business District of Washington, DC for US$182,000,000. John Hancock is the U.S. division of Manulife Financial Corporation, one of the largest life insurance companies in the world.
The property occupies a prominent location between the White House one block to the east and the World Bank headquarters one block to the west. The neighborhood boasts high-quality amenities and is in close proximity to both public transportation and the expressway.
"Our acquisition of 1750 Pennsylvania Avenue expands our footprint in the Washington market to over 1.3 million SF of office assets managed on behalf of both John Hancock and external investors,” said Kevin Adolphe, President & Chief Executive Officer of Manulife Real Estate and President & Chief Executive Officer of Manulife Asset Management Private Markets. "In line with our growth strategy, in the past five years, we’ve further diversified our real estate portfolio acquiring over US$4.1 billion of complementary assets across key U.S. markets.”
The property is 97 per cent leased to a diversified tenant base and the building has undergone renovations in 2001 and 2014.
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$14.0 billion with properties totaling more than 58 million square feet as of June 30, 2015. Other key markets in the United States include Boston, Los Angeles, New York, Chicago, San Francisco and Atlanta.
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 and John Hancock operations around the world. Manulife Real Estate also extends its real estate asset management expertise to institutional investors. As at June 30, 2015, the Manulife Real Estate portfolio totaled more than 58 million square feet with AUM market value of C$17.5 billion (US$14.0 billion). Additional information about Manulife Real Estate can be found at http://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 2014, we had 28,000 employees, 58,000 agents, and thousands of distribution partners, serving 20 million customers. At the end of June 2015, we had $883 billion (US$708 billion) in assets under management and administration, and in the previous 12 months we made more than $22 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.