Chicago office tower

John Hancock acquires Chicago office tower

Thursday, May 28, 2015

Manulife Real Estate’s U.S. arm has acquired a prominent Chicago office tower, boosting John Hancock’s holdings to more than 7 million square feet in the city. The 40-storey, 1.2-million-square-foot, LEED Gold building is located in Chicago’s central business district and West Loop sub-market at One South Wacker Drive.

“One South Wacker represents the type of high-quality assets we acquire in key gateway markets where we do business,” reports Kevin Adolphe, president and chief executive officer of Manulife Real Estate and Manulife Asset Management Private Markets.

Purchased from Harbor Group International, the tower was built in 1982 and renovated in 2014. Now part of Manulife’s $13.2-billion global portfolio — which operates as John Hancock Real Estate in the U.S. — the new owners commend its fit with their other Chicago properties, including 55 West Munroe, 191 North Wacker, 200 South Wacker and 150 North Michigan.

“One South Wacker is an asset that complements our existing Chicago portfolio and is a great addition to our global real estate presence,” says Ted Willcocks, global head of asset management for Manulife Real Estate.

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