US Life Insurance Giant John Hancock Acquires 1750 Pennsylvania Avenue NW, Washington DC

John Hancock Acquires 1750 Pennsylvania Avenue NW, Washington, DC (PRNewsFoto/Manulife Financial Corporation)

Photo Courtesy of PRNewsFoto/Manulike Financial Corporation

After three months of actively seeking a buyer for its prime piece of commercial real estate, Vornado Realty Trust met its match. Vornado spent the last several years aggressively targeting new, high-quality tenants while toying with the idea of a sale in order to position itself for the best possible listing price. September 10, 2015 marked the closing of a USD$182,000,000 deal between Vornado Realty Trust and Manulife Financial Corporation.

Squarely situated alongside luxury hotels, sophisticated shopping outlets and fine dining, 1750 Pennsylvania Ave NW is a strategic real estate investment to say the least. Just one block northwest of the White House, this impressive 278,916 square foot, thirteen story building holds high investment appreciation potential for Manulife and its US life insurance division, John Hancock.
“OUR ACQUISITION OF 1750 PENNSYLVANIA AVENUE EXPANDS OUR FOOTPRINT IN THE WASHINGTON MARKET TO OVER 1.3 MILLION SF OF OFFICE ASSETS MANAGED ON BEHALF OF BOTH JOHN HANCOCK AND EXTERNAL INVESTORS,” SAID KEVIN ADOLPHE, PRESIDENT & CHIEF EXECUTIVE OFFICER OF MANULIFE REAL ESTATE AND PRESIDENT & CHIEF EXECUTIVE OFFICER OF MANULIFE ASSET MANAGEMENT PRIVATE MARKETS. “IN LINE WITH OUR GROWTH STRATEGY, IN THE PAST FIVE YEARS, WE’VE FURTHER DIVERSIFIED OUR REAL ESTATE PORTFOLIO ACQUIRING OVER US$4.1 BILLION OF COMPLEMENTARY ASSETS ACROSS KEY U.S. MARKETS.”
As many international real estate investors focus on diversified real estate holdings to combat inflation pressures, key United States markets like Los Angeles, New York, Chicago, and Washington

DC increase in appeal. 1750 Pensylvania Avenue NW offers tenants sought-after amenities like:
• LEED Gold certification
• .67 : 1,000 sqft parking ratio
• 23,000 sqft average floor space
• Energy Star Certification
• Close proximity to Blue, Orange, and Red metro lines

Featuring a diversified list of both government and private tenants, this commercial property also boasts 96% occupancy. Current tenants include AOL Inc., US Treasury Dept., United Nations Foundation, and GNC. Speaking to a larger trend, Manulife and other large pools of institutional funds have been pouring into prime office, commercial, and industrial real estate across Asia, Canada and the United States. Viewed as a safer bet than the stock market and delivering higher rates of returns than fixed income securities, increased international investment in real estate represents a renewed comfort level unseen since 2005.

For more information on the current international and commercial real estate climate within Washington DC and Northern Virginia, please contact Gene Mock at 703-342-8100.

US Life Insurance Giant John Hancock Acquires 1750 Pennsylvania Avenue NW, Washington, DC

Contact Gene Mock, Associate Broker, Premier Team, Keller Williams Realty 703-342-8100 for your real estate needs.

Gene Mock Realtor http://northernvirginiarealty.com/

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International Relocation: What to Know about Relocating to Northern Virginia

International Real Estate

International Relocation: What to Know about Relocating to Northern Virginia

While Washington D.C. as a whole might have fallen to fifth place in terms of prime cities in which to invest in the US, that trend hasn’t affected northern Virginia, which abuts D.C. In fact, international real estate investors and those choosing to immigrate to the US are choosing Virginia more and more, and it’s really no surprise why that’s the case. Between excellent employment opportunities, low real estate prices and plenty of outstanding education providers, Virginia is an incredible place to call home. What should immigrants know before relocating?

Proximity to D.C.

If one of your main criteria for moving here is proximity to Washington D.C., you’ll want to buy or invest in real estate in one of the main metro areas that make up the greater Washington Metro Area. These include Fairfax, Arlington, Alexandria and Richmond. However, be prepared for higher real estate prices in these areas. With that being said, these are prime options for Chinese buyers, who often appreciate buying a well-known property, as well as for Indian immigrants, who prefer to buy in an area that’s highly walkable.

Technology Corridor

Northern Virginia’s technology corridor has become a prime attraction for international relocation. Chinese and Indian immigrants with technical skills and high education often choose to move to this area. Also called, the “Silicon Valley of the East”, it’s located near Dulles International Airport and provides a home for numerous government contractors, defense companies and more. Of course, there are smaller tech sectors spread throughout northern Virginia, all of which can offer excellent living conditions.

Cost of Living

The cost of living in Virginia is lower than many other places in the US, ranking 99 while the nation as a whole ranked 100. Washington D.C. ranked at 140. So, residents choosing to live in Virginia will be able to make their money go further and enjoy lower prices on everything from entertainment to groceries to gasoline and professional services.

Quality of Living

For international immigrants concerned that the lower cost of living goes hand in hand with a lower quality of life, put those fears out of your mind. Northern Virginia is one of the most affluent parts of the entire country and has one of the best qualities of life in the US (Fairfax and Loudoun counties are the top grossing counties in the country in terms of income for residents).

Culture

While northern Virginia as a whole is certainly American, you’ll find cultural enclaves throughout. Both Indian and Chinese culture are widespread, with community-specific grocery stores, entertainment options, dining locations and temples/houses of worship throughout the state. Other cultures will find the area equally welcoming.

Northern Virginia has become an incredibly popular location for international relocation thanks to its high standard of living, the availability of excellent jobs, low cost of living and ease of accessing Washington D.C. and other areas. Those trends will continue to play a significant role into the future.

Source:

http://www.theatlantic.com/business/archive/2011/06/the-silicon-valley-of-the-east-is-washington-dc/240055/

Contact Gene Mock, Associate Broker, Keller Williams Realty, 703-342-8100 to learn more about international relocations.

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