WASHINGTON, DC—Some pricing details have emerged about the recent trade of 1100 New York Ave. earlier this month. A source has told GlobeSt.com that word on the street is putting the building's purchase price at $618 per square foot, or $290 million.
The building's trade was part of the new JV formed between the US arm of Allianz Real Estate and Toronto-based Manulife to co-invest up to $1 billion in commercial properties.
As part of the JV, John Hancock Real Estate, the Boston-based US real estate unit of Manulife Asset Management Private Markets, has sold Allianz majority interests in two of office properties: the 469,261-square-foot 1100 New York Ave. in Washington, DC; and 191 N. Wacker Dr., which encompasses 733,757 square feet in Chicago.
Deal terms were not disclosed.
Manulife will maintain a partial interest and continue to manage both assets through its vertically integrated platform. The two companies will continue to seek additional class A office assets throughout the US.
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