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Manulife US Real Estate Investment Trust has entered into an agreement to sell the 500,000-square-foot, 19-story Phipps Tower office building to The Manufacturers Life Insurance Co.

Agreement Reached for Sale of Buckhead’s Phipps Tower

Manulife US Real Estate Investment Trust has entered into an agreement to sell the 500,000-square-foot, 19-story Phipps Tower office building to The Manufacturers Life Insurance Co. The buyer is the sponsor of Manulife REIT. 

The parent company, Manulife Financial Corp. is based in headquartered in Canada and operates in the U.S. as John Hancock.

The 20-story Class A office building located at 3438 Peachtree Road offers state-of-the-art amenities and provides direct access to Phipps Plaza. It’s also in close proximity to a variety of hotels, restaurants, and retail amenities. 

Phipps Tower was built in 2009 and has been held by Manulife since it was completed. Manulife has been making changes to its portfolio, selling assets and reinvesting the proceeds into capital expenditures or debt repayment.

Carter’s children’s clothing manufacturer has been an anchor tenant at Phipps Tower for almost 10 years. The building is managed by Jones Lang LaSalle.

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About Angela Noote

Angela Noote is a native of Northern California and graduated from Chico State with a degree in public relations. After college she moved to the Central Coast and worked first in ad sales then in editorial, eventually spending more than a decade as a print reporter and editor. She detoured into design work at a printer/publisher, and with a partner eventually opened a boutique full-service marketing agency. Moving into corporate communications, she built and managed several successful marketing teams in the hospitality, financial services, and nonprofit industries. Most recently she was an internal comms manager in the tech sector. After a long stint spent in Georgia (Go Dawgs), she moved to Baton Rouge, LA and has written for clients in the financial, luxury imports, higher ed, commercial cleaning, and medical equipment industries. Her son is a media arts major at the University of South Carolina, and her husband owns a comedy theater in Baton Rouge, where you can often find Angi teaching improv classes, leading corporate training events, or doing an occasional stand up set.