John Hancock Real Estate acquires Boston's HarborView at the Navy Yard, a 224-unit, Class-A high-rise multi-family property
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BOSTON, Aug. 21, 2017 /PRNewswire/ - John Hancock Real Estate today said it has acquired HarborView at the Navy Yard, located on Boston Harbor in the historic Charlestown Navy Yard.
The 224-unit, Class-A high-rise multi-family property, constructed in 2007, is part of the ongoing redevelopment of the Navy Yard, once one of the oldest shipbuilding yards in the United States. Situated overlooking downtown Boston, HarborView also is a neighbor of the famed USS Constitution, the oldest commissioned warship in the US Navy.
"HarborView at the Navy Yard is a solid addition to the John Hancock Real Estate portfolio and brings our residential footprint in the Boston area to nearly 1 million square feet," said Kevin Adolphe, President and CEO of John Hancock Real Estate. "We have a long history in Boston, so we are particularly pleased to make this acquisition and highlight our continued commitment to the City."
HarborView's units feature high quality finishes and building amenities. The property is less than a mile from downtown Boston and offers easy access to public transportation and to major regional thoroughfares.
Since 2012, John Hancock Real Estate has grown its Boston area real estate portfolio by nearly 1.5 million square feet through strategic acquisitions and developments. In addition to HarborView, John Hancock made an equity investment in the 295-unit, 17-story multi-family residential development at Boston Landing and acquired 535-545 Boylston street, a 13-story office building located at the intersection of Boylston and Clarendon Streets in Boston's Back Bay.
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 global real estate portfolio now represents assets under management of more than US$16 billion with properties totaling more than 61 million SF. Other key markets in the United States include Chicago, Los Angeles, New York, Washington DC, San Francisco and Atlanta.
About Manulife Real Estate and John Hancock Real Estate
Manulife has been investing in and managing direct core and core-plus real estate for more than 80 years. Operating as John Hancock Real Estate in the U.S. and Manulife Real Estate elsewhere, we invest, own, develop and asset manage commercial real estate in major metropolitan cities across the globe. We leverage our fully integrated in-house capabilities to serve our customers and investors as well as manage the space requirements and own use facilities for Manulife and John Hancock operations around the world. Manulife Real Estate is the global real estate arm of Manulife and is a unit of Manulife Asset Management Private Markets where we extend our asset management capabilities for the benefit of institutional investors through our real estate fund platform. As at June 30, 2017, the Manulife Real Estate portfolio totaled more than 61 million square feet with an AUM market value of US$16.6 billion.
Manulife Financial Corporation is a leading international financial services group that helps people achieve their dreams and aspirations by putting customers' needs first and providing the right advice and solutions. We operate as John Hancock in the United States and Manulife elsewhere. We provide financial advice, insurance, as well as wealth and asset management solutions for individuals, groups and institutions. At the end of 2016, we had approximately 35,000 employees, 70,000 agents, and thousands of distribution partners, serving more than 22 million customers. As of June 30, 2017, we had over $1 trillion (US$780 billion) in assets under management and administration, and in the previous 12 months we made $26.7 billion in payments to our customers. Our principal operations are in Asia, Canada and the United States where we have served customers for more than 100 years. With our global headquarters in Toronto, Canada, we trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong.
SOURCE Manulife Financial Corporation
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