John Hancock Buys Long Beach, CA Tower for $135.5 Million

Before you go, we thought you'd like these...
Before you go close icon

John Hancock, a division of ManuLife Financial 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.

The article John Hancock Buys Long Beach, CA Tower for $135.5 Million originally appeared on

Fool contributor Tim Brugger has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

People are Reading