BOSTON (AFX) - Canadian Financial services company Manulife Financial Corp. said Thursday it has purchased two Boston properties for $454 million through its U.S. subsidiary John Hancock Financial Services.
The acquired properties, both located in Boston's Back Bay area, are 197 Clarendon Street and 200 Berkeley Street. Privately-held Broadway Real Estate Partners LLC was the previous owner.
Manulife said the purchase reinforces the company's commitment to the Boston area, where John Hancock Financial Services is headquartered. Manulife-affilated businesses currently occupy 700,000 square feet, or 60 percent, of the acquired buildings.
'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 Manulife Vice President Stephani Kingsmill.
Shares of Manulife Financial Corp. fell 1 cent Thursday to close at $34 on the New York Stock Exchange.
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