John Hancock Real Estate has acquired 1750 Pennsylvania Avenue in Washington DC, an office building located between the White House and the World Bank headquarters. The purchase price was $182m.
John Hancock Real Estate is the US real estate arm of Canada's Manulife Financial. Outside the US, the business operates as Manulife Real Estate.
"Our acquisition of 1750 Pennsylvania Avenue expands our footprint in the Washington market to over 1.3m sq ft of office assets managed on behalf of both John Hancock and external investors," said Kevin Adolphe, president & CEO of Manulife Real Estate and Manulife Asset Management Private Markets.
Adolphe added that in the past five years the firm had acquired over $4.1bn of real estate in key US markets. At 30 June 2015, Manulife Real Estate had assets under management valued at C$17.5bn (US$14.0bn).
People:Kevin Adolphe
