BOSTON, Aug. 5, 2015 /PRNewswire/ -- Today, John Hancock
filed a letter of intent with the Boston Redevelopment Authority
(BRA) to design and construct a new office building in the City's
Back Bay. The $350 million project
proposal for the property at 380 Stuart Street calls for 26 stories
and 625,000 square feet of Class-A office space.
"For 153 years, John Hancock has called Boston home, and our proposed redevelopment of
380 Stuart Street extends our heritage of significant commitments
to the City," said Craig Bromley,
President. "The new project embodies bold architecture, continuing
John Hancock's tradition of choosing world-class design for its
buildings in Boston. We look
forward to engaging with our neighbors in our plans for 380 Stuart
Street."
Consistent with real estate development practices at John
Hancock and parent company Manulife, John Hancock will fund the
project in its entirety; no lenders, partners or third parties will
be involved. It is expected that the project will involve 1,500
construction jobs and provide more than $5
million in linkage funds to the City of Boston compared with the present site.
Built in 1924, the existing 380 Stuart Street building is nine
stories tall, with 140,000 square feet of space.
"Over the past 10 years, John Hancock has invested more than
$300 million to upgrade, enhance and
reshape our Boston properties to
accommodate business operations," said Kevin J.E. Adolphe, President & Chief
Executive Officer of Manulife Real Estate. "We envision that the
building will be not only an important addition to our company's
real estate investment portfolio, but will provide us with
flexibility in meeting the needs of John Hancock's growing
business."
If approved, project construction is expected to commence in
late 2016, which would result in the building being completed in
early 2019. John Hancock also owns
the 197 Clarendon and 200 Berkeley buildings nearby in the Back
Bay. The Art Deco 200 Berkeley building houses an iconic weather
beacon.
The architectural team is Skidmore
Owings Merrill & CBT; the project manager is Colliers
International. Three of the buildings John Hancock has developed in
Boston – 197 Clarendon, 200
Berkeley, and 200 Clarendon – have each won the Boston Society of
Architects' Harleston Parker Award
for best new building.
John Hancock has strong civic
ties including a 30-plus year sponsorship of the Boston Marathon
and eight years offering the MLK Summer Scholars program to more
than 600 Boston teens. "We invest heavily in our city to help
ensure that it remains vibrant, innovative and strong for future
generations," said Mr. Bromley.
About John Hancock Financial and Manulife
John Hancock Financial is a division of Manulife, a leading
Canada-based financial services
group with principal operations in Asia, Canada
and the United States. Operating
as Manulife in Canada and
Asia, and primarily as John
Hancock in the United States, our
group of companies offers clients a diverse range of financial
protection products and wealth management services through its
extensive network of employees, agents and distribution partners.
Assets under management by Manulife and its subsidiaries were
C$821 billion (US$648 billion) as at March 31, 2015. 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.
The John Hancock unit, through its insurance companies,
comprises one of the largest life insurers in the United States. John Hancock offers and administers a broad range
of financial products, including life insurance, annuities,
investments, 401(k) plans, long-term care insurance, college
savings, and other forms of business insurance. Additional
information about John Hancock may be found at johnhancock.com.
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. Manulife Real Estate
also extends its real estate asset management expertise to
institutional investors. As at March 31,
2015, the Manulife Real Estate portfolio totaled more than
57 million square feet with AUM market value of US$13.2 billion (C$16.7
billion). Additional information can be found at
www.johnhancockrealestate.com.
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SOURCE John Hancock Financial