John Hancock Financial has bought three office properties in New York, Chiacgo and Boston collectively worth $618 million
Boston-based John Hancock Financial on Thursday said it has acquired three office properties worth $618 million in New York, Chicago and Boston. John Hancock is the US arm of Canadian life insurer Manulife Financial Corp.
Manulife said its global real estate portfolio is now worth $10.4 billion with these acquisitions. The insurer owns office spaces, industrial properties, retail real estate and multifamily residential properties in Canada, Asia and the US.
John Hancock bought a 21-story building in New York's financial district from Mitsui Fudosan for $166.5 million. It also acquired a 40-story building in Chicago's central business district for $214.5 million. The US insurer purchased the said asset from a joint venture which includes Equity Group Investments, Pearlmark Real Estate Partners and TIER REIT, according to Reuters.
John Hancock bought the third asset from an affiliate of Blackstone Group for $237 million. Wellesley Office Park is located in Greater Metropolitan Boston, the report said.
The deal comes just weeks after Manulife announced it is expanding its private asset management business. This allows clients such as pension funds to invest in real estate and other hard assets, the report said.