John Hancock Acquires Newport Beach Offices for $105M

John Hancock Real Estate, the U.S. Division of Manulife Financial Corp., purchased 5000 Birch in Newport Beach for $104.5M. The two-building Class A office project spans 306,000 square feet and is highly sought after because of its gateway location between Newport Beach and the Irvine Business Complex.

With an active portfolio of over 9 million square feet in California, John Hancock Real Estate is committed to its investments both within the state as well as globally. According to Kevin Adolphe, President and CEO of Manulife Real Estate and Manulife Asset Management Private Markets, “Orange County [is] one of the fastest growing office markets in the U.S.”

John Hancock’s Leasing Director, Parker Jones, shared with Connect, “John Hancock plans to substantially update the building with new capital improvements that will greatly enhance the aesthetics and amenities of this high quality offering. We look forward to with working with the local business community to ensure the success of this project and the surrounding neighborhood “