Manulife buys California office building

Manulife’s American division, John Hancock, has acquired an office tower in Orange County, Calif., for an undisclosed amount.

The 12-storey Oracle Tower has 272,887 square feet of space and is located within the Irvine Concourse Corporate Center.

“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.”

With this new acquisition, the company’s global real estate portfolio now represents a market value of US$10.5 billion with properties totalling more than 39 million square feet. Other key markets in the United States include Boston, New York, Los Angeles, San Francisco, Washington, D.C. and Atlanta.

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