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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.