Manulife Financial, a Canadian-based financial services group, has entered into the Bay Area real estate market with the purchase of Market Center in San Francisco for $265 million, or $344 per square foot according to CoStar. Manulife acquired the 770,044-square-foot, two-tower office complex from RREEF America, which previously bought the complex in a joint venture with Page Mill Properties from Tishman Speyer for $79.5 million in October 2003. Page Mill sold its interest to RREEF for $127.5 million in May 2006.
Connected by a large landscaped courtyard, Market Center consists of two office towers: 555 Market Street, a 21-story, 283,000 square-foot building completed in 1965; and 575 Market Street, a 40-story, 487,000 square-foot building added in 1975. The buildings have been extensively renovated and modernized with state-of-the-art systems in the last few years and are in the process of being LEED certified for environmental sustainability. "We identified San Francisco as one of several potential growth areas for our real estate business and we are optimistic about the possibilities in this and other key markets as we continue to look for core office and industrial investment opportunities to complement our portfolio across the United States, Canada and Asia," Kevin Adolphe, COO of Manulife's Investment Division, said in a statement.
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