John Hancock Buys OC Office Property for $105M

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.

For more news and information visit Blumberg Partners.

Savanna Completes Sale of 100 Wall Street for $275M

Savanna closed on the sale of 100 Wall Street to Cornerstone Real Estate Advisers this week in a deal worth $275 million. Savanna originally acquired the 29-story office tower between Front and Water Streets in the Financial District in 2011 for about $120 million, adding about $25 million in capital improvements. Eastdil Secured's Douglas Harmon and Adam Spies brokered the sale on behalf of Savanna; terms of the deal were not disclosed.

"We are proud of the transformational change we achieved at 100 Wall Street," said Kevin Hoo, Managing Director at Savanna. "The incremental capital investment has significantly added to the property's future resiliency and repositioned it as a premier destination for a wide range of global, institutional quality tenants." In the past two years, Savanna leased over 355,000 square feet of space to several prominent businesses, raising the building's occupancy from 78% shortly after acquisition to 97% today. Major tenants include Lester Schwab Katz and Dwyer, Loeb Holding Corporation, Crenshaw Associates, and PCubed.

For more news and information visit Blumberg Partners.