BostonHerald.com - September 30, 2003
One of Boston's newest office high-rises could wind up on the block in the aftermath of Manulife Financial Corp.'s blockbuster acquisition of hometown insurance giant John Hancock Financial Services, real estate experts say.
The $10.4 billion merger of the two financial and insurance heavyweights will result in the pooling of both companies' substantial Hub real estate holdings. While Hancock has a long-term lease for a large block of its signature tower in the Back Bay, the Toronto-based Manulife is poised to open a glitzy U.S. headquarters next year in South Boston's Seaport.
Real estate experts expect the combined company to look at its property options in the coming months, including a possible sale and leaseback of Manulife's 470,000-square-foot building near the World Trade Center. Such a move, if timed to match an upsurge in the economy and real estate market, could see Manulife's glass-and-steel Seaport office complex fetch between $164 million to $188 million.
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Tuesday, September 30, 2003
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