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Manulife Financial acquires The Proscenium office tower in Atlanta -- 528,000 square foot building, Manulife’s new flagship investment property in Southeastern United States --- Atanta - Manulife Financial has purchased The Proscenium office tower in Atlanta from Proscenium LLC, a development partnership led by Trammell Crow Company, for US$118 million in a deal that closed today. “The Proscenium is an exceptional complement to our portfolio and solidifies Manulife’s presence in the Atlanta real estate market,” said Michael Ainsworth, Vice President and General Manager for Manulife’s Real Estate Division. Through its Real Estate Division, Manulife Financial is actively involved in the ownership, development and management of commercial real estate across North America. Its real estate portfolio includes prime office and industrial properties in key metropolitan centers primarily in the United States and Canada. In early 2003, the company expanded its real estate holdings into Japan with the purchase of 16 office properties throughout Tokyo and nine other major cities. As at September 30, 2003, Manulife Financial’s real estate portfolio totals 22.5 million square feet and represents a carrying value of US$2.8 billion (Cdn$3.8 billion). Manulife first entered the Atlanta equity real estate market in 1998 when it began looking for opportunities to expand its real estate holdings in the Southeastern United States. Today, Manulife’s Atlanta portfolio consists of nine properties, totaling more than 2.2 million square feet. “Manulife has a high-quality real estate portfolio, located in strong, diverse regions,” says Ainsworth. “Atlanta is a significant component of our portfolio mix and we are very optimistic about the possibilities in this market.” The Proscenium Located in the heart of Midtown, at the corner of Peachtree and 14th Streets, The Proscenium is one of the premier office towers in Atlanta. Developed by Trammell Crow Company’s Midsouth Development and Investment Group, the 24-story building offers 528,000 square feet of Class-A office space, and since its completion in 2001, has attracted an impressive list of high-profile tenants.“The Proscenium provides Manulife with the superb combination of a high quality asset in one of Atlanta’s most vibrant urban submarkets,” says Terry Gilliam, Regional Director for Manulife’s Atlanta Real Estate Office. “We are extremely pleased to add The Proscenium to our portfolio as our flagship investment property in the Southeastern United States.” Trammell Crow Company’s Midsouth Development and Investment Group, develops prime real estate projects throughout the Midsouth region of the United States from its Atlanta base. Property types include institutional office, industrial and retail projects as well as corporate build-to-suits, higher education, healthcare and government and municipal development services opportunities. “The Proscenium is one of many outstanding Trammell Crow development projects that have helped to define the Atlanta skyline,” added Patrick Henry, Managing Director of Trammell Crow Company’s Midsouth Development and Investment Group. “This transaction reflects the quality of the project and the positive outlook on the Atlanta marketplace by the institutional investment community.” Cushman Wakefield of Georgia served as the exclusive listing broker for the sale of the project. Newmark Capital Group and Paul, Hasting, Janofsky & Walker LLP represented Manulife Financial in the transaction. Arnall Golden Gregory LLP served as legal counsel for Proscenium LLC. About Trammell Crow Company Founded in 1948, Trammell Crow Company is one of the largest diversified commercial real estate services companies in the world. With approximately 6,000 employees throughout the United States and Canada, the company is organized to deliver building management, brokerage, project management and development and investment services to both users and investors of commercial real estate. The company delivers brokerage services throughout Canada through its strategic alliance with JJ Barnicke, a leading Canadian real estate services provider. Trammell Crow Company trades as ‘TCC’ on the NYSE. Trammel Crow Company can be found on the Internet at www.trammellcrow.com About Manulife Financial Manulife Financial is a leading Canadian-based financial services group operating in 15 countries and territories worldwide. Through its extensive network of employees, agents and distribution partners, Manulife Financial offers clients a diverse range of financial protection products and wealth management services. Funds under management by Manulife Financial were Cdn$150.8 billion as at September 30, 2003. Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘0945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.
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