Manulife buys downtown Toronto building at 100 University Avenue
Manulife Financial has purchased 100 University Avenue, a prime, 266,000 square foot, 12-storey office building in downtown Toronto for C$82.2 million in a deal that closed October 28, 2010.
“Manulife has been looking for opportunities to grow our real estate investment portfolio and we are extremely pleased to secure this superb asset in Toronto’s downtown core,” said Kevin Adolphe, Chief Operating Officer of Manulife’s Investment Division. “As the home of our global headquarters, Manulife has a long-standing presence in Toronto and it’s a market we know well. We are optimistic about the possibilities in Toronto and other key markets as we continue to look for core office and industrial property investments across Canada, the United States and Asia.”
The Toronto acquisition comes on the heels of Manulife’s September 2010 purchase of a major, 770,000 square foot office complex, Market Center, in downtown San Francisco.
Located at the corner of University Avenue and King Street West in downtown Toronto, 100 University Avenue is strategically positioned to both the city’s financial core and the entertainment district. Toronto’s St. Andrew subway station is at the door of the property, providing immediate access to public transit and the city’s underground PATH system as well as proximity to Toronto’s Union Station commuter train terminal.
100 University Avenue is distinguished in Toronto’s landscape by its bold architectural wave feature and Brazilian granite cladding. Designed by renowned architect Boris Zarafa, the building was completely renovated in 1996 with state-of-the-art building systems and upgraded finishes.
Totaling more than six million square feet, with a value of approximately Cdn$1.5 billion, Manulife’s commercial real estate portfolio in Toronto is the largest in the Company’s more than Cdn$6 billion global real estate portfolio. The portfolio includes 25 office and industrial properties throughout the Greater Toronto Area, most notably the landmark Manulife Centre in the city’s Bloor-Yorkville district which the Company developed in the early 1970s.
Cushman & Wakefield’s Capital Markets Group in Toronto served as the broker on the transaction.
