Evolve IP Corporate Center in PA Sold for $42M

A joint venture between PDC-Old Eagle and Long Wharf Real Estate Partners has purchased the Evolve IP Corporate Center in Wayne, Pennsylvania for $42 million, according to a deed filed with Chester County. The 12-building office complex was sold by an affiliate of Philadelphia investor Thomas Gravina's GPX Enterprises, which originally acquired the complex in 2007. GPX, in partnership with the Chester County Economic Development Council's Ideas x Innovation Network (i2n), rebranded the property as Evolve IP Corporate Center in August 2012 to "aid startups by providing low-cost, highly flexible facilities," and to serve as the headquarters for the company's cloud computing unit, Evolve IP.

"Our recent asset dispositions were driven by strong investor demand for quality real estate assets," said Thomas J. Gravina, CEO and co-founder of GPX Realty Partners. "After several years of challenging market conditions we were pleased to realize strong returns for our investors through these asset sales, and we look forward to making future real estate investments in the Philadelphia region well into the future."

HFF arranged the joint venture partnership and secured the $29.6 million, five-year, fixed-rate acquisition loan through John Hancock's Real Estate Finance Group, according to a press release. The office park covers 40 acres at 983-999 Old Eagle School Road, approximately 20 miles from Philadelphia's central business district. The 12 single-story buildings were most recently renovated between 2007 and 2010, and were 80% occupied at the time of sale by 95 tenants, including Evolve IP, McBee Associates, Administrative Concepts Inc., YSC Academy, Prosoft Software and North American Specialty Products.

For more news and information visit Blumberg Partners.

John Hancock Buys One South Wacker for $344M

John Hancock, the U.S. division of Manulife Financial Corporation, announced the purchase of One South Wacker in Chicago's Central Business District's West Loop, a $344 million acquisition. The 40 story Class A office building was sold by Norfolk, VA-based Harbor Group International, which originally purchased the tower in December 2012 for $221 million, and implemented complete property renovations in 2014. Terms of the deal and representation were not disclosed.

"One South Wacker represents the type of high quality assets we acquire in key gateway markets where we do business," said Kevin Adolphe, President & Chief Executive Officer of Manulife Real Estate, which operates as John Hancock Real Estate in the U.S. "The acquisition is consistent with our strategy to seek out complementary, core office towers that can provide long term value for our global portfolio. We are proud to strengthen our commitment to the Chicago market with the acquisition of One South Wacker." Other Chicago properties owned or managed by John Hancock include 55 West Monroe, 191 N. Wacker, 200 S. Wacker and 150 N. Michigan Avenue.

One South Wacker was originally constructed in 1982 and designed by Murphy/Jahn, Inc. Architects (now JAHN), inspired by Gothic cathedrals with buttress-like setbacks and arch patterns in black glass. The building's central section has three small private atriums at the top of each setback, each encased with pink glass. The lobby connects Wacker Drive and Madison Street, and is unusual for its dark black color. Helmut Jahn's original design was altered in a remodeling project around 2000. The property was 86% leased at the time of sale to unlisted tenants. Anecdotally, the tower was also featured in the Daft Punk music video "Burnin" - a loose take on the film "Towering Inferno".

For more news and information visit Blumberg Partners.

Wellesley Office Park Sold to Manulife for $237M

The Wellesley Office Park, a master-planned office park in suburban Boston, traded hands this month as HFF announced that it had closed the sale of the trophy office park for $237 million. The Blackstone Group's Equity Office Properties affiliate sold the 649,184-square-foot office park in Wellesley to John Hancock, of the wholly owned subsidiary of Manufacturers Life Insurance Co. (Manulife Financial), Toronto. Terms of the deal were not disclosed.

"Wellesley Office Park can easily be considered ‘best in class' and embodies all the long-term criteria standards of institutional investors: irreplaceable setting, convenient access, on-site amenities and marquee tenancy," said Coleman Benedict of HFF. "This distinction is overused in today's environment and only truly applies to those office properties that consistently outperform their peer group, regardless of market conditions."

"This property represents the type of high-quality asset we acquire in key markets as a priority for our strategic plan. The strong tenant roster and superb location make this an excellent addition to our investment portfolio," Ted Willcocks, Global Head of Asset Management for Manulife Real Estate told Commercial Property Executive.

The campus is comprised of eight buildings totaling nearly 650,000 square feet on William Street, off Route 9 and overlooking the Charles River. Blackstone tapped HFF to market the complex in September, according to a Boston Business Journal article. The complex was 90% leased at the time of sale to tenants including AXA Equitable Life Insurance, Northwestern Mutual Life, Bank of America Merrill Lynch, Newton-Wellesley Hospital, Wells Fargo, Morgan Stanley, Eagle Investment Systems, Stream Global Services, UBS, Benchmark Senior Living, REZ-1, Baystate Financial, and F-Squared Investments.

For more news and information visit Blumberg Capital Partners.