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10 Exchange Place Sells for $285M

JERSEY CITY-Canadian life insurance company Manulife's entry to the metro New York City market is the fourth major Jersey City office acquisition in 2011, says Cushman & Wakefield.

By Debra Hazel | Updated on December 20, 2011

JERSEY CITY-Culminating a year of acquisitions of trophy office properties here, Manulife Real Estate has acquired 10 Exchange Place for $285 million. The deal is the first New York metropolitan area acquisition for Manulife, the global real estate arm of Canada-based Manulife Financial Corp., and the parent company of John Hancock Financial. It also the fourth major acquisition of a trophy property in Jersey City this year, says Andrew J. Merin, of Cushman & Wakefield’s Metropolitan Area Capital Markets Group, which orchestrated the sale.

“This is kind of unusual,” Merin tells GlobeSt.com. Merin, David W. Bernhaut, Gary Gabriel, Brian J. Whitmer and Kyle B. Schmidt represented the seller, a client of INVESCO, in the transaction. “Over $1 billion in bricks and sticks will have traded.”

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