– 582,000 square foot building newest addition to Manulife’s global real estate portfolio –
Atlanta– Manulife Financial, the second largest life insurance company in North America, has purchased the 1100 Peachtree Street office tower in Atlanta, Georgia from 1100 Peachtree Street Associates, L.P., a joint venture of USAA Real Estate Company and Carter (a privately held commercial real estate firm), for US$153.86 million.
“1100 Peachtree is an exceptional complement to our portfolio and solidifies Manulife’s presence in the Atlanta real estate market,” said Stephani Kingsmill, Senior Vice President and General Manager of Manulife’s Real Estate Division. “Manulife has a high-quality real estate portfolio located in strong, diverse regions and Atlanta is key to that mix.”
Manulife first entered the Atlanta equity real estate market in 1998 when it began looking for opportunities to expand its real estate holdings in the Southeastern United States. Today, the Company’s Atlanta portfolio consists of 10 properties, totaling more than 2.7 million square feet, including The Proscenium, at Peachtree and 14thStreets, which Manulife purchased in 2003.
Located at the corner of Peachtree and 12thStreets, 1100 Peachtree is one of Atlanta’s landmark towers, defining the City’s growing Midtown skyline since the building was developed in 1991. At 28 stories, 1100 Peachtree offers 582,000 square feet of Class-A office space and features an array of on-site amenities including restaurants, concierge services and an executive conference center.
“1100 Peachtree provides Manulife with the superb combination of a high quality asset in one of Atlanta’s most vibrant urban submarkets,” says Terry Gilliam, Assistant Vice President and Regional Director for Manulife’s Atlanta Real Estate Office. “We are extremely pleased to add another Midtown tower to our Atlanta portfolio and are very optimistic about the growth potential that 1100 Peachtree offers Manulife as a long-term asset.”
Carter, who developed 1100 Peachtree through a partnership venture, will continue to manage and lease the property on behalf of Manulife Financial.
Founded in 1958, Carter is the oldest and largest privately held full-service commercial real estate firm in the Southeastern United States. Carter provides a diverse range of commercial real estate services, including investments, development, transaction services, and property and facility management to real estate users and investors.
In addition to its Atlanta headquarters, Carter maintains offices in Birmingham, Alabama, Orlando, Florida, Raleigh, North Carolina, and Tampa, Florida. National and international services are provided through Carter's ownership in ONCOR International. Carter can be found on the internet at www.carterusa.com.
About Manulife Financial’s Real Estate Division
Through its Real Estate Division, Manulife Financial is actively involved in the ownership, development and management of commercial real estate. The portfolio includes a diversified mix of prime office and industrial properties in key metropolitan centers throughout Canada, the United States and Japan. In addition to equity real estate, the Real Estate Division manages Manulife Financial’s space requirements and own use facilities to accommodate the Company’s 20,000 employees worldwide. As at September 30, 2006, Manulife Financial’s real estate portfolio totals 25.7 million square feet and represents a carrying value of Cdn$4.4 billion (US$4.0 billion).
About Manulife Financial
Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$381 billion (US$341 billion) as at September 30, 2006.
Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '0945' on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.
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Located at Peachtree and 12th Street in Atlanta, 1100 Peachtree has helped to define the City’s growing Midtown skyline since the building was developed in 1991. The acquisition of the 28-story, 582,000 sq. ft. tower brings Manulife Financial’s Atlanta real estate portfolio to 2.7 million sq. ft.
Photo: Fred Gerhlich.