John Hancock Proposes Major New Real Estate Investment in Boston's Back Bay
$350 million redevelopment at 380 Stuart Street would bring 1,500 construction jobs and more than $5 million in Linkage Funds to the City
BOSTON, MA — Today, John Hancock filed a letter of intent with the Boston Redevelopment Authority (BRA) to design and construct a new office building in the City’s Back Bay. The $350 million project proposal for the property at 380 Stuart Street calls for 26 stories and 625,000 square feet of Class-A office space.
"For 153 years, John Hancock has called Boston home, and our proposed redevelopment of 380 Stuart Street extends our heritage of significant commitments to the City,” said Craig Bromley, President. “The new project embodies bold architecture, continuing John Hancock’s tradition of choosing world-class design for its buildings in Boston. We look forward to engaging with our neighbors in our plans for 380 Stuart Street."
Consistent with real estate development practices at John Hancock and parent company Manulife, John Hancock will fund the project in its entirety; no lenders, partners or third parties will be involved. It is expected that the project will involve 1,500 construction jobs and provide more than $5 million in linkage funds to the City of Boston compared with the present site. Built in 1924, the existing 380 Stuart Street building is nine stories tall, with 140,000 square feet of space.
“Over the past 10 years, John Hancock has invested more than $300 million to upgrade, enhance and reshape our Boston properties to accommodate business operations,” said Kevin J.E. Adolphe, President & Chief Executive Officer of Manulife Real Estate. “We envision that the building will be not only an important addition to our company’s real estate investment portfolio, but will provide us with flexibility in meeting the needs of John Hancock’s growing business.”
If approved, project construction is expected to commence in late 2016, which would result in the building being completed in early 2019. John Hancock also owns the 197 Clarendon and 200 Berkeley buildings nearby in the Back Bay. The Art Deco 200 Berkeley building houses an iconic weather beacon.
The architectural team is Skidmore Owings Merrill & CBT; the project manager is Colliers International. Three of the buildings John Hancock has developed in Boston – 197 Clarendon, 200 Berkeley, and 200 Clarendon – have each won the Boston Society of Architects’ Harleston Parker Award for best new building.
John Hancock has strong civic ties including a 30-plus year sponsorship of the Boston Marathon and eight years offering the MLK Summer Scholars program to more than 600 Boston teens. “We invest heavily in our city to help ensure that it remains vibrant, innovative and strong for future generations,” said Mr. Bromley.
About John Hancock Financial and Manulife
John Hancock Financial is a division of Manulife, a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. Operating as Manulife in Canada and Asia, and primarily as John Hancock in the United States, our group of companies offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Assets under management by Manulife and its subsidiaries were C$821 billion (US$648 billion) as at March 31, 2015. Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '945' on the SEHK. Manulife can be found on the Internet at manulife.com.
The John Hancock unit, through its insurance companies, comprises one of the largest life insurers in the United States. John Hancock offers and administers a broad range of financial products, including life insurance, annuities, investments, 401(k) plans, long-term care insurance, college savings, and other forms of business insurance. Additional information about John Hancock may be found at johnhancock.com.
About Manulife Real Estate and John Hancock Real Estate
Manulife Real Estate is the global real estate arm of Manulife, operating as John Hancock Real Estate in the U.S. and Manulife Real Estate in all other parts of the world. Manulife Real Estate has fully integrated in-house capabilities and 70 years of experience as an active investor, owner, developer and asset manager of commercial real estate. Diversified by both geography and asset type, the portfolio consists primarily of prime office and industrial properties, as well as select retail and multi-family residential properties, in key metropolitan centers throughout Canada, Asia and in the United States. In addition to equity real estate, Manulife Real Estate manages the space requirements and own use facilities for Manulife’s operations around the world. Manulife Real Estate also extends its real estate asset management expertise to institutional investors. As at March 31, 2015, the Manulife Real Estate portfolio totaled more than 57 million square feet with AUM market value of US$13.2 billion (C$16.7 billion). Additional information can be found at www.johnhancockrealestate.com.