CHICAGO—John Hancock, the US division of Toronto-based Manulife Financial Corp. has just completed the acquisition of One South Wacker, a 40-story, 1,195,170 square-foot office building in the West Loop for $344 million. Big office acquisitions in the CBD have become quite common, including many by foreign buyers, and Manulife now owns more than seven million square feet of downtown space.
When Harbor Group International, LLC bought the property for a little more than $220 million back in 2012, it was widely considered a class B building. But Harbor completed a renovation in 2014, and Manulife officials now consider the LEED Gold certified tower, first built in 1982, a class A property.
"One South Wacker represents the type of high quality assets we acquire in key gateway markets where we do business," said Kevin Adolphe, president and chief executive officer of both Manulife Real Estate and Manulife Asset Management Private Markets, in a prepared statement. A company official did not return a call seeking more comment.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
