BOSTON, Dec. 28 /PRNewswire-FirstCall/ -- Manulife Financial, the world's fourth largest life insurance company, through its U.S. subsidiary, John Hancock Financial Services, has purchased 197 Clarendon Street (the "Stephen L. Brown Building"), and 200 Berkeley Street (the "Berkeley Building") in Boston's Back Bay from Broadway Real Estate Partners, LLC, a national private real estate investment and management firm headquartered in New York. The transaction comes on the heels of Broadway Partners' acquisition of a multi- building portfolio, which included the two buildings, from Boston's Beacon Capital Partners LLC. The US$454 million acquisition by Manulife does not include the John Hancock Tower at 200 Clarendon Street.
"John Hancock has and continues to be a very active participant in the community. Our headquarters is here, the majority of our employees are located here, and the company remains committed to being an involved and contributing corporate citizen in Boston. Although we have offices and employees across the country, this acquisition again reaffirms our commitment that Boston is where we want our headquarters to be," said John D. DesPrez III, President and CEO of John Hancock Financial Services.
Collectively more than 95% leased, the buildings are home to various units of John Hancock Financial Services and the U.S. arm of MFC Global Investment Management, the investment management group of Manulife Financial. These groups currently occupy approximately 700,000 square feet or 60% of the complex. The balance of the space is leased to a strong roster of national tenants.
Together with its 466,000 square foot headquarters building at 601 Congress in the Seaport District and various other operations throughout the City, John Hancock and its related companies occupy more than 1.5 million square feet of office space in Boston.
"The purchase of the Brown and Berkeley buildings in Boston is in line with our strategy and operating model of owning the facilities where we have a significant presence," said Stephani Kingsmill, Senior Vice President and General Manager of Manulife's Real Estate Division. "Occupying a full city block in one of the most vibrant urban markets in the United States, the buildings are also an exceptional complement to Manulife's extensive real estate investment portfolio."
Through its Real Estate Division, Manulife Financial is actively involved in the ownership, development and management of commercial real estate. The portfolio includes a diversified mix of prime office and industrial properties in key metropolitan centers throughout Canada, the United States and Japan. In addition to equity real estate, the Real Estate Division manages Manulife Financial's space requirements and own use facilities to accommodate the Company's 20,000 employees worldwide. As at September 30, 2006, Manulife Financial's real estate portfolio totals 25.7 million square feet and represents a carrying value of Cdn$4.4 billion (US$4.0 billion).
John Hancock's new headquarters building in Boston's Seaport District is a prime example of the quality and scope of Manulife's real estate expertise. Manulife owns most of its regional headquarters facilities around the world. The Company is currently nearing completion of a new building in Vietnam to house Manulife's growing operations in that country.
About 197 Clarendon Street and 200 Berkeley Street
Originally developed and owned by John Hancock, the Brown and Berkeley buildings, along with the adjoining John Hancock Tower, were acquired by Beacon Capital in March 2003.
Connected at the lobby level and below grade, yet distinct in design, both buildings are equally significant landmarks in Boston's Back Bay. Built in 1923, the eight-story, 427,000 square-foot office building at 197 Clarendon Street, with its stately columns and soaring atrium, has long defined the strength and promise of the City. 200 Berkeley Street, guiding Bostonians with its symbolic weather beacon atop the building, was added in 1947. At 26 stories and 747,000 square feet, it completed the complex, bringing it to a full city block in the heart of Back Bay. At just under 1.2 million square feet, the complex includes various on-site amenities including the Back Bay Events Center with the renowned John Hancock Hall and Dorothy Quincy Suite.
About John Hancock Financial Services
John Hancock Financial Services, through its insurance companies, comprises one of the largest life insurers in the United States. John Hancock offers a broad range of financial products and services, including life insurance, fixed and variable annuities, mutual funds, 401(k) plans, long- term care insurance, college savings and other forms of business insurance.
About MFC Global Investment Management
MFC Global Investment Management is the diversified investment management group of Manulife Financial, with investment offices in Canada, the United States, the United Kingdom, Japan, Australia, Hong Kong, and throughout Southeast Asia. MFC Global has more than 100 years of experience managing portfolios for the Manufacturers Life Insurance Company, John Hancock Life Insurance Company, and other major clients. With more than US$200 billion in assets under management, MFC Global Investment Management is a leading global investment management group. Additional information about MFC Global Investment Management may be found at http://www.mfcglobal.com/.
About Manulife Financial
Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$381 billion (US$341 billion) as at September 30, 2006.
Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '0945' on the SEHK. Manulife Financial can be found on the Internet at http://www.manulife.com/.
For photos and more information on Manulife Financial's Real Estate portfolio please visit: http://files.newswire.ca/16/manulife_URL.doc
