NEW YORK CITY-Manulife Financial Corp. has acquired the 21-story 100 William St, building here from Mitsui Fudosan Co. for $166.5 million.
The third largest life insurance company in the world back in late September said it was reluctant to purchase New York City real estate assets. The Toronto-based benefits provider now says, however, that the value of commercial towers in the city is set to rise as developers convert offices to living spaces, according to Bloomberg News,
“There's quite a bit of activity right now converting Class-A offices in the financial district into residential,” says Warren Thomson, chief investment officer of Manulife. “Those conversions start to reduce the supply. We think it's going to be an interesting market for commercial rates. There should be some good pricing over time.” See story at Bloomberg News.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
