John Hancock, the U.S. division of Manulife Financial, has purchased an office building from Brookfield Office Properties for US$135.5 million ($142.4 million).
The 24-storey tower, called Landmark Square, is located in Long Beach, Calif. It has 460,000 square feet of space and was built in 1990.
“This latest acquisition is consistent with our strategy to build and diversify our real estate investment portfolio,” says Kevin Adolphe, president and CEO of Manulife Real Estate. “In the past several months, we have added several properties to our portfolio, each in diverse markets across Canada, Asia and the United States.”
The company’s global real estate portfolio represents a market value of US$8.9 billion ($9.3 billion) with properties totalling more than 36 million square feet. Key markets in the United States include Boston, Chicago, Washington D.C., Atlanta, Los Angeles and San Francisco.
Today, John Hancock’s California real estate portfolio consists of 31 properties totalling approximately 7.5 million square feet plus land holdings.
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