John Hancock, a division of ManuLife Financial (NYSE:MFC) of Canada, has added Landmark Square in downtown Long Beach, CA. to its growing real estate portfolio, the company announced today. With the $135.5 million Landmark acquisition, John Hancock now has a global real estate portfolio valued at approximately $8.9 billion, with an estimated 36-million square feet, according to the company.
Landmark Square is a 460,000 square feet, 24-story office building in the heart of Long Beach, CA, and is "an excellent addition to our global portfolio and consistent with our criteria of investing in core real estate assets that provide long-term value," said Kevin Adolphe, president and CEO of ManuLife Real Estate.
This recent acquisition is the latest of many for John Hancock in Long Beach, having first invested in the area's commercial real estate market in the 1970s. John Hancock now owns 31 properties in California, with approximately 7.5 million square feet of office space.