John Hancock Real Estate has increased its portfolio in Boston with the purchase of the HarborView at the Navy Yard multifamily property in Charlestown.
The iconic Boston-based firm reportedly purchased the 224-unit Class A property for $149.25 million from Prudential Financial. The property, which is adjacent to the famed U.S. Constitution warship in Charlestown Harbor, was constructed in 2007 and developed by Trammel Crow as a condominium development, but is currently a multifamily rental property.
A representative of John Hancock did not confirm the purchase price to Globest.com, which is part of ALM, the parent of ThinkAdvisor.com. A spokesman for Prudential Financial refused comment on the transaction.
JLL reportedly represented the seller Prudential Financial in the transaction. The property, which is managed by Mack-Cali subsidiary Roseland Property Co., also features retail space, including a 10,000-square-foot health club.
“HarborView at the Navy Yard is a solid addition to the John Hancock Real Estate portfolio and brings our residential footprint in the Boston area to nearly 1 million square feet,” says Kevin Adolphe, president and CEO of John Hancock Real Estate. “We have a long history in Boston, so we are particularly pleased to make this acquisition and highlight our continued commitment to the City.”
Since 2012, John Hancock Real Estate has grown its Boston area real estate portfolio by nearly 1.5 million square feet through strategic acquisitions and developments.
In addition to HarborView, John Hancock made an equity investment in the 295-unit, 17-story multi-family residential development at Boston Landing and last August acquired 535-545 Boylston St. a 13-story office building located at the intersection of Boylston and Clarendon streets in Boston’s Back Bay. John Hancock acquired the complex from Clarion Partners in a deal valued at $100.5 million.
John Hancock Real Estate and Manulife Real Estate, the company’s global real estate arm, now maintains global assets under management of more than $16 billion with properties totaling more than 61 million square feet. In addition to Boston, John Hancock’s other key U.S. markets include Chicago, Los Angeles, New York, Washington, San Francisco and Atlanta.
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