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Manulife US REIT Buys Pair of U.S. Assets for $387M
Singapore-listed Manulife US Real Estate Investment Trust acquired two U.S. properties from John Hancock Life Insurance Company for a combined total of $387 million. The office assets include Phipps Tower in Atlanta’s Buckhead area, and 1750 Pennsylvania in Washington, D.C.
Phipps Tower (pictured above) is a 19-story, 475,091-square-foot high-rise at 3438 Peachtree Rd., and was acquired for $205 million. The property, which serves as the HQ for Carter’s children’s clothing company, was built by Manulife and Crescent Resources (Crescent Communities) in 2010.
1750 Pennsylvania is a 13-story, 277,243-square-foot building, and was acquired for $182 million. Its largest tenant is U.S. Department of the Treasury. The building is located a block away from the White House, near the International Monetary Fund, the World Bank and the Federal Reserve.
John Hancock Life Insurance Co. is a subsidiary of Manufacturers Life Insurance Co. (Manulife) of Canada.
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