John Hancock Acquires 535-545 Boylston for $101M

John Hancock, Boston, acquired 535-545 Boylston–two interconnected, 13-story Boston office buildings–for $100.5 million.

NGKF Capital Markets’ Boston office represented seller Clarion Partners, New York. NGKF Head of Capital Markets Robert Griffin, Vice Chairman Edward Maher and Executive Managing Director Matthew Pullen oversaw the transaction with Senior Managing Directors Jim Brady and Jason Cameron. 

The 185,000-square-foot Class B asset in Boston’s Back Bay neighborhood is currently 87 percent occupied by tenants including TD Bank and GNC Nutrition.

John Hancock currently owns 197 Clarendon and 200 Berkeley in the same submarket and recently announced a $350 million redevelopment at its 380 Stuart Street building.

“Boston is ranked as one of the top cities for long-term investment performance and is also home to John Hancock, our U.S. headquarters,” said Kevin Adolphe, President and CEO of John Hancock parent company Manulife Real Estate. 

Pullen said 535-545 Boylston Street offers flexible floor plates that can accommodate a variety of tenant requirements. “Consequently, the property is well suited to benefit from the Back Bay’s rising-rent environment and consistently strong demand,” he said.