TSX/NYSE/PSE: MFC SEHK:945
BOSTON, Oct. 24, 2014 /PRNewswire/ - John Hancock,
the U.S. division of Manulife Financial Corporation, one of the
largest life insurance companies in the world, announced today that
it has acquired Oracle Tower, a 12 story, 272,887 SF, Class A
office tower located at 17901 Von Karman Avenue within the Irvine
Concourse Corporate Center in Orange
County, California.
"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."
Operating as John Hancock Real Estate in the U.S. and Manulife
Real Estate in all other parts of the world, the Company's real
estate portfolio is diversified by both geography and asset type,
consisting primarily of prime office and industrial properties, as
well as select retail and multi-family residential properties, in
key metropolitan centers throughout Canada, Asia
and the United States. With this
new acquisition, the Company's global real estate portfolio now
represents a market value of US$10.5
billion with properties totaling more than 39 million SF.
Other key markets in the United
States include Boston,
New York, Los Angeles, San
Francisco, Washington, DC
and Atlanta.
Oracle Tower, constructed in 1985, is a LEED Gold Certified
building that was renovated in 2000 and 2010 modernizing the
interior, building systems and exterior public spaces. It is
located at Von Karman Avenue and Main Street, and is adjacent to
the 405 San Diego Freeway. Oracle Tower is located within the three
million SF Irvine Concourse offering access to an array of
convenient amenities for tenants and visitors.
About Manulife Real Estate and John Hancock Real
Estate
Manulife Real Estate is the global real estate arm of Manulife,
operating as John Hancock Real Estate in the U.S. and Manulife Real
Estate in all other parts of the world. Manulife Real Estate has
fully integrated in-house capabilities and 70 years of experience
as an active investor, owner, developer and asset manager of
commercial real estate. Diversified by both geography and asset
type, the portfolio consists primarily of prime office and
industrial properties, as well as select retail and multi-family
residential properties, in key metropolitan centers throughout
Canada, Asia and in the
United States. In addition to equity real estate, Manulife
Real Estate manages the space requirements and own use facilities
for Manulife's operations around the world. In 2011, Manulife Real
Estate launched a new real estate fund platform, extending its real
estate asset management expertise to institutional investors. As at
June 30, 2014, the Manulife Real
Estate portfolio totaled more than 38 million square feet with a
market value of C$10.9 billion
(US$10.2 billion). Additional
information about Manulife Real Estate can be found at
manuliferealestate.com.
About Manulife
Manulife is a leading Canada-based financial services group with
principal operations in Asia,
Canada and the United States. Clients look to Manulife
for strong, reliable, trustworthy and forward-thinking solutions
for their most significant financial decisions. Our international
network of employees, agents and distribution partners offers
financial protection and wealth management products and services to
millions of clients. We also provide asset management services to
institutional customers. Funds under management by Manulife and its
subsidiaries were approximately C$637
billion (US$597 billion) as at
June 30, 2014. We operate as
John Hancock in the U.S. and as
Manulife in other parts of the world.
Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE
and PSE, and under '945' on the SEHK. Manulife can be found on the
Internet at manulife.com.
SOURCE Manulife Financial Corporation