NEW YORK CITY—Add Allianz to the list of financial firms making cross-border inroads into US real estate via joint ventures. The US arm of Allianz Real Estate, based here, has forged a partnership with Toronto-based Manulife to co-invest up to $1 billion in commercial properties.

As part of the JV, John Hancock Real Estate, the Boston-based US real estate unit of Manulife Asset Management Private Markets, has sold Allianz majority interests in two of office properties: the 469,261-square-foot 1100 New York Ave. in Washington, DC; and 191 N. Wacker Dr., which encompasses 733,757 square feet in Chicago. Deal terms were not disclosed.

Manulife will maintain a partial interest and continue to manage both assets through its vertically integrated platform. The two companies will continue to seek additional class A office assets throughout the US.