John Hancock Real Estate Unit Buys Newport Beach Office Complex for $104.5 Million
November 13, 2015 by Dennis Gorski, managing editor-online, BestWeek: Dennis.Gorski@ambest.com
BOSTON – John Hancock’s real estate division has acquired a two-building office complex in Newport Beach, California, for $104.5 million, the company said.
The 5000 Birch development has twin multi-floor towers that are sheathed in dark blue glass and is already built, according to a Manulife spokeswoman. Together the buildings comprise 306,000 square feet of Class A office space, according to a statement.
The complex is located in Orange County, south of Los Angeles, “one of the fastest-growing office markets in the U.S.,” said Kevin Adolphe, president and chief executive officer of Manulife Real Estate, which operates John Hancock as a subsidiary. He said its California holdings exceed 9 million square feet of space.
In September, its ultimate parent Manulife completed acquiring the 21-story Manulife Tower in Hong Kong (Best’s News Service, Sept. 24, 2015). The company said previously that the tower has 512,000 square feet of office space and cost HK$4.5 billion (US$579.6 million as of April 2013, the date of the agreement).
Manulife’s global portfolio has assets under management of $14 billion, with properties totaling more than 58 million square feet as of June 30, 2015, the statement added. Its other key markets in the United States include Los Angeles, San Francisco, Chicago, Boston, New York, Washington DC, and Atlanta, the statement said.
Manulife Financial Corp. has insurance and financial management operations in 23 countries and territories worldwide, according to BestLink.
Its insurance units, John Hancock Life Insurance Co. in the United States and Manufacturers Life Insurance Co. in Canada, have a current Best’s Financial Strength Rating of A+ (Superior).
