Manulife Financial Corp. (MFC)’s real estate division bought three office properties in New Jersey, California and Canada for about $555 million as it boosts its holdings in North America and the purchases include 10 Exchange Place, a 30-story tower in Jersey City, New Jersey, that was acquired for $285 million, and a 4 building complex in Toronto that was bought for C$161 million ($156 million), the insurer said today in a statement to also purchased Seaview Corporate Center, a four-building complex in San Diego, for $109 million.
The investors are buying commercial property as they search for higher yields than they may find on other assets, including some fixed-income securities and the buyers have flocked to high-quality real estate, such as office towers in major coastal cities, amid increasing tenant demand to the acquisition of 10 Exchange Place is Toronto-based Manulife’s 1st investment in the New York metropolitan area in the tower was built in 1988 and has views of lower Manhattan and access to public transportation, the company said.
The investors are buying commercial property as they search for higher yields than they may find on other assets, including some fixed-income securities and the buyers have flocked to high-quality real estate, such as office towers in major coastal cities, amid increasing tenant demand to the acquisition of 10 Exchange Place is Toronto-based Manulife’s 1st investment in the New York metropolitan area in the tower was built in 1988 and has views of lower Manhattan and access to public transportation, the company said.
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