John Hancock, the U.S. division of Manulife Financial Corp., has acquired a Chicago office building for US$244 million.
The 40-storey building, 55 West Monroe, has 804,214 square feet and is located in the city’s central business district.
“The acquisition of 55 West Monroe is a terrific addition to our existing Chicago and overall U.S. portfolio,” says Ted Willcocks, global head of asset management with Manulife Real Estate. “55 West Monroe fits nicely with our other Chicago properties located at 191 North Wacker, 200 South Wacker and 150 North Michigan Avenue and allows for synergies in operations and leasing.”
With this new acquisition, the company’s global real estate portfolio now represents assets under management of US$10.5 billion, with properties totalling more than 39 million square feet. Other key markets in the United States include Los Angeles, Atlanta, Boston, San Francisco, Greater New York and Washington, D.C.
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