John Hancock Real Estate Acquires 150 North Michigan Avenue Office Tower
- May 03, 2012
The 41-story 150 North Michigan Avenue office tower has been acquired by John Hancock Real Estate—the U.S. unit of Manulfie Real Estate—for $102 million. As previously reported by Commercial Property Executive, Jones Lang LaSalle Inc. was hired by Germany-based SEB Asset Management A.G. to market the property—previously acquired in 1999 for around $113.2 million.
Built in 1984, the Class A office tower is also known as the Crain Communications Building—as the publisher of Crain’s Chicago Business recently signed a 10-year lease for 65,587 square feet, which included naming-rights.
The landmark 661,482-square-foot tower, which stands out in the downtown Chicago skyline thanks to its unique diamond-shaped roofline, is the newest addition to John Hancock’s $4.3 billion U.S. real estate portfolio. Located in the East Loop of Chicago’s central business district, the office tower overlooks Millennium Park and offers expansive views of Lake Michigan.
John Hancock Real Estate has a rich history in the Chicago real estate market, dating all the way back to 1973. Currently, the company’s real estate portfolio in the Midwest includes 24 office and industrial properties, which total around five million square feet and hold a market value of approximately $600 million.
Apart from 150 North Michigan Avenue, John Hancock also owns and manages a 37-story office tower located at 191 North Wacker Drive, acquired in 2004, and the Schaumburg Corporate Center—a one-million-square foot office complex developed by the company and completed in 2003.
Kevin Adolphe, Chief Operating Officer of Manulife Financial’s Investment Division and President and CEO of Manulife Real Estate, said John Hancock has expanded its real estate investment portfolio in the last twelve months by over $700 million in assets. 150 North Michigan Avenue is seen as a core real estate asset with solid long-term value in a key market, fitting the company’s investment strategy.
Photo Courtesy of: www.manulife.com
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