John Hancock Real Estate, also known as Manulife Real Estate and a division of Manulife Financial, announced this week that it had purchased 5000 Birch in Newport Beach, California for $104.5 million. John Hancock purchased the two building, Class A office project from an undisclosed seller, though records reveal that the property previously traded hands in November 2002 to Cornerstone Real Estate Advisers by a joint venture between Aetna and Koll Development. Terms of the deal were not disclosed.
"We are excited to grow our global portfolio through continued investment in Orange County -- one of the fastest growing office markets in the U.S.," said Kevin Adolphe, President & Chief Executive Officer of Manulife Real Estate and President & Chief Executive Officer of Manulife Asset Management Private Markets. "Our acquisition of 5000 Birch further strengthens our long-standing investment in California where we now actively manage over 9 million SF."
The 306,000 square foot property, also known as Koll Center Newport, was originally constructed in 1982. 5000 Birch features a highly coveted Newport Beach address and is located at the gateway between Newport Beach and The Irvine Business Complex. The center is nearby The Sutton Place Hotel and The Pacific Club provide retail shops and banking as well as having excellent access to the John Wayne Airport and major freeways.
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