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Manulife Real Estate buys $555 million worth of commercial property

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by Daily Commercial News

Manulife Financial Corp.’s (TSX:MFC) real estate unit announced Tuesday it acquired York Mills Centre, a 549,000-square-foot office complex in Toronto, for $161 million from Ivanhoe Cambridge, the Montreal-based real estate subsidiary of Caisse de depot et placement du Quebec. It also announced the purchase of two American office complexes for a combined total of US$394 million: One near San Diego, California and the other in Jersey City, New Jersey.

Manulife Financial Corp.’s (TSX:MFC) real estate unit announced Tuesday it acquired York Mills Centre, a 549,000-square-foot office complex in Toronto, for $161 million from Ivanhoe Cambridge, the Montreal-based real estate subsidiary of Caisse de depot et placement du Quebec.

York Mills Centre, at the northeast corner of York Mills Road and Yonge Street, has 509,000 square feet of office space and 40,000 square feet of retail space. It is situated about 10 kilometres north of downtown Toronto in the Hogg’s Hollow neighbourhood, about one kilometer south of Highway 401. Constructed between 1985 and 1992, the buildings include stairways to the Toronto Transit Commission subway and bus bays on the upper level for GO Transit. It has odd-number addresses in the 4,000 block of Yonge Street, and addresses at 10 through 36 York Mills Road.


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Also on Tuesday, Manulife Real Estate announced the purchase of two American office complexes, one north of San Diego and the other west of New York City, for a combined total of US$394 million.

North of San Diego, California, the firm purchased Seaview Corporate Center, a 355,800-square-foot, four-building office complex, for US$109 million. It includes addresses at 10180 through 10190 Telesis Court. Seaview Corporate Center is located near the interchange of Interstates 5 and 805 about six kilometers northwest of Marine Corps Air Station Miramar, the former U.S. Navy airfield depicted in the film Top Gun.


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Across the Hudson River from lower Manhattan, Manulife Real Estate closed the US$285 million sale of 10 Exchange Place, a 748,000-square-foot, 30-storey office tower in Jersey City, New Jersey. The centre is located near the Exchange Place station on the Port Authority Trans Hudson (PATH), a passenger train service operating in New York City and its suburbs in New Jersey.


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Manulife’s managed portfolio includes 41 office and industrial properties totaling 7.6 million square feet in the Greater Toronto Area, including the Manulife Centre at Bay and Bloor Streets.

DCN DIGITAL MEDIA

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