Manulife US Real Estate Investment Trust has reached an agreement to sell the 500,000-square-foot, 19-story Phipps Tower office building in Buckhead to The Manufacturers Life Insurance Co., the sponsor of Manulife REIT. Parent company Manulife Financial Corp., based in Canada and operating as John Hancock in the U.S., is overseeing this transaction.
The 20-story Class A office building located at 3438 Peachtree Road offers state-of-the art amenities and direct access to Phipps Plaza, plus a variety of nearby hotels, restaurants and retail options. Built in 2009 and held by Manulife since completion, changes have been made within its portfolio with assets being sold for reinvestment into capital expenditures or debt repayment purposes.
Carter’s children’s clothing manufacturer has been an anchor tenant at Phipps Tower for almost 10 years while Jones Lang LaSalle manages it on behalf of its owner(s).
