John Hancock Real Estate, the US property arm of Canada's Manulife Financial Corporation has acquired 5000 Birch, a 306,000 sq ft two-building, class A office project located in Newport Beach, California, for (US)$104.5m.
"Our acquisition of 5000 Birch further strengthens our long-standing investment in California where we now actively manage over 9m square feet," said Kevin Adolphe, president & CEO of Manulife Real Estate and of Manulife Asset Management Private Markets.
5000 Birch is located between John Wayne Airport and the University of California, Irvine.
Manulife's global real estate portfolio, operating as John Hancock Real Estate in the US and Manulife Real Estate elsewhere, represented assets under management of (US)$14.0bn at 30 June 2015.