{"id":1004120300,"date":"2015-06-03T06:36:09","date_gmt":"2015-06-03T14:36:09","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004120300"},"modified":"2022-12-08T18:40:38","modified_gmt":"2022-12-09T02:40:38","slug":"john-hancock-grabs-trophy-asset-in-chicagos-cbd","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/john-hancock-grabs-trophy-asset-in-chicagos-cbd\/","title":{"rendered":"John Hancock Signs for Chicago Trophy Asset"},"content":{"rendered":"<p><em>By Gail Kalinoski, Contributing Editor<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/CHICAGO.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004120302\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/john-hancock-grabs-trophy-asset-in-chicagos-cbd\/manulife-financial-corporation-john-hancock-acquires-one-south\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/CHICAGO.jpg\" data-orig-size=\"490,800\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Hand-out&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;MANULIFE FINANCIAL CORPORATION - John Hancock acquires One South&quot;,&quot;created_timestamp&quot;:&quot;1432737623&quot;,&quot;copyright&quot;:&quot;CNW Group&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;MANULIFE FINANCIAL CORPORATION - John Hancock acquires One South&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"MANULIFE FINANCIAL CORPORATION &#8211; John Hancock acquires One South\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;MANULIFE FINANCIAL CORPORATION &#8211; John Hancock acquires One South&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/CHICAGO.jpg?w=490\" class=\"size-medium wp-image-1004120302 alignright\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/CHICAGO.jpg\" alt=\"MANULIFE FINANCIAL CORPORATION - John Hancock acquires One South\" width=\"184\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/CHICAGO.jpg 490w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/CHICAGO.jpg?resize=184,300 184w\" sizes=\"auto, (max-width: 184px) 100vw, 184px\" \/><\/a><\/p>\n<p>John Hancock, the U.S. division of Toronto-based Manulife Financial Corp., is expanding its Chicago portfolio with the addition of One South Wacker, a 40-story, 1.2 million-square-foot, Class A office building in the city\u2019s CBD, for $344 million.<\/p>\n<p>The West Loop office tower was sold by <a href=\"https:\/\/www.commercialsearch.com\/news\/regions\/mid-atlantic\/harbor-buys-chicagos-oen-south-wacker-for-221m-plans-upgrades\/1004054878.html\">Harbor Group International,<\/a> which bought the building at Madison Street and Wacker Drive with investment partner Clal Insurance Co. in 2012 for $221 million. HGI had invested more than $12 million to renovate and reposition the asset, which was recently awarded LEED Gold for Existing Buildings certification.<\/p>\n<p>\u201cOne South Wacker represents the type of high-quality assets we acquire in key gateway markets where we do business,\u201d said Kevin Adolphe, president &amp; CEO of both Manulife Real Estate and Manulife Asset Management Private Markets in a release.<\/p>\n<p>\u201cThe acquisition is consistent with our strategy to seek out complementary core office towers that can provide long-term value for our global portfolio. We are proud to strengthen our commitment to the Chicago market with the acquisition of One South Wacker,\u201d he added.<\/p>\n<p>Ted Willcocks, global head of asset management, Manulife Real Estate, said in the release, \u201cOne South Wacker grows our Chicago portfolio to over 7 million square feet, one of our most active investment markets.\u201d<\/p>\n<p>Other Chicago properties owned or managed by John Hancock include 55 W. Monroe, 191 N. Wacker, 200 S. Wacker and 150 N. Michigan Ave.<\/p>\n<p>The firm operates as John Hancock Real Estate in the United States and Manulife Real Estate elsewhere around the world. The company\u2019s portfolio includes prime office and industrial properties and select retail and multi-family residential properties in key metropolitan centers in Canada, Asia and the U.S. As of March 31, the company had $13.2 billion in assets totaling more than 55 million square feet. Besides Chicago, John Hancock also owns properties in Boston, Los Angeles, New York, San Francisco, Atlanta and Washington, D.C., in the U.S.<\/p>\n<p>One South Wacker was designed by Helmut Jahn and completed in 1982. Jahn also designed 55 W. Monroe, an 804,214-square-foot office tower which <a href=\"https:\/\/www.commercialsearch.com\/news\/regions\/midwest\/john-hancock-buys-office-tower-in-chicagos-cbd-for-244m\/1004104739.html\">John Hancock acquired<\/a> in September for $244 million. Willcocks told <em>Commercial Property Executive<\/em> at that time that the company was attracted to Chicago for its economics and job growth.<\/p>\n<p>During its ownership of One South Wacker, HGI signed Serendipity Labs of New York to open and manage a 30,000-square-foot co-working lounge and conference center on the mezzanine level and second floor. The building became the first Class A Chicago office property to incorporate a full-service shared workspace and conference center as an amenity to tenants and the public, according to HGI. The building upgrades included the addition of a high-end, 8,000-square-foot fitness club, complete renovation of the lobby and exterior plaza and modernization of key building systems.<\/p>\n<p>The building\u2019s occupancy is currently at 83 percent, according to John Hancock.<\/p>\n<p>A Colliers International Research &amp; Forecast Report on Downtown Chicago\/Office for First Quarter 2015 noted that buyers don\u2019t mind acquiring buildings that aren\u2019t fully leased because of the city\u2019s hot office market.<\/p>\n<p>\u201cWith the investment sales market surging and financing terms for non-stabilized assets more widely available, investors are no longer shying away from buildings with vacancy. Instead, these assets are viewed as opportunistic due to their repurposing potential,\u201d the Colliers report stated.<\/p>\n<p>Colliers noted in the report that both tenants and landlords seem to feel confident about the future.<\/p>\n<p>\u201cTenants with expirations as far out as 2020 are now actively seeking space options, a sign of optimism about the future of their businesses,\u201d the report said.<\/p>\n<p>The West Loop is still the city\u2019s leading CBD submarket with first quarter rents averaging $39.53, up from $37.82 in the fourth quarter last year and $36.81 in the first quarter of 2014, according to Colliers.<\/p>\n<p>It is also the location for what is expected to be a record-setting sale in the city \u2013 the planned $1.33 billion acquisition of the <a href=\"https:\/\/www.commercialsearch.com\/news\/regions\/midwest\/willis-tower-sale-comes-at-time-of-strength-for-chicagos-downtown\/100415496.html\">Willis Tower<\/a> at 233 South Wacker by Blackstone Real Estate Partners VII. The 110-story, 3.8 million-square-foot skyscraper is expected to change hands soon.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. division of Toronto-based Manulife Financial Corp. is expanding its Chicago portfolio.<\/p>\n","protected":false},"author":1068,"featured_media":1004120302,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,13,21742,21747],"tags":[],"class_list":["post-1004120300","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-midwest","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>John Hancock Signs for Chicago Trophy Asset - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/john-hancock-grabs-trophy-asset-in-chicagos-cbd\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"John Hancock Signs for Chicago Trophy Asset\" \/>\n<meta property=\"og:description\" content=\"The U.S. division of Toronto-based Manulife Financial Corp. is expanding its Chicago portfolio.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/john-hancock-grabs-trophy-asset-in-chicagos-cbd\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-06-03T14:36:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T02:40:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/CHICAGO.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"490\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/john-hancock-grabs-trophy-asset-in-chicagos-cbd\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/john-hancock-grabs-trophy-asset-in-chicagos-cbd\\\/\"},\"author\":{\"name\":\"Gail Kalinoski\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/fc5b5df1393e5023d2417bd48c2fda57\"},\"headline\":\"John Hancock Signs for Chicago Trophy Asset\",\"datePublished\":\"2015-06-03T14:36:09+00:00\",\"dateModified\":\"2022-12-09T02:40:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/john-hancock-grabs-trophy-asset-in-chicagos-cbd\\\/\"},\"wordCount\":668,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/john-hancock-grabs-trophy-asset-in-chicagos-cbd\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/05\\\/CHICAGO.jpg\",\"articleSection\":[\"Featured\",\"Midwest\",\"News\",\"Office\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/john-hancock-grabs-trophy-asset-in-chicagos-cbd\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/john-hancock-grabs-trophy-asset-in-chicagos-cbd\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/john-hancock-grabs-trophy-asset-in-chicagos-cbd\\\/\",\"name\":\"John Hancock Signs for Chicago Trophy Asset - 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John Hancock acquires One South"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/john-hancock-grabs-trophy-asset-in-chicagos-cbd\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"John Hancock Signs for Chicago Trophy Asset"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57","name":"Gail Kalinoski","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86","caption":"Gail Kalinoski"},"description":"Kalinoski has been a contributing writer to Commercial Property Executive and Multi-Housing News since 2010 and previously wrote for three years for Commercial Property News. 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