BOSTON, MA - John Hancock Real Estate has acquired HarborView at the Navy Yard, located on Boston Harbor in the historic Charlestown Navy Yard.
The 224-unit, Class-A high-rise multi-family property, constructed in 2007, is part of the ongoing redevelopment of the Navy Yard, once one of the oldest shipbuilding yards in the United States. Situated overlooking downtown Boston, HarborView also is a neighbor of the famed USS Constitution, the oldest commissioned warship in the US Navy.
"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," said 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."
HarborView's units feature high quality finishes and building amenities. The property is less than a mile from downtown Boston and offers easy access to public transportation and to major regional thoroughfares.
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 acquired 535-545 Boylston Street, a 13-story office building located at the intersection of Boylston and Clarendon Streets in Boston's Back Bay.
Operating as John Hancock Real Estate in the U.S. and Manulife Real Estate in all other parts of the world, the Company's real estate portfolio is diversified by both geography and asset type, consisting primarily of prime office and industrial properties, as well as select retail and multi-family residential properties, in key metropolitan centers throughout Canada, Asia and the United States.
With this new acquisition, the global real estate portfolio now represents assets under management of more than US$16 billion with properties totaling more than 61 million SF. Other key markets in the United States include Chicago, Los Angeles, New York, Washington DC, San Francisco and Atlanta.