Toronto-based Manulife Financial Corp. has bought The Michelson office tower in Irvine.
The financial services company, best known in the U.S. for its John Hancock Life Insurance Co. division, recently closed on the purchase of the 19-story Michelson, located in the Park Place mixed-use campus near John Wayne Airport.
Sources familiar with the transaction said the 536,000-square-foot building traded hands for more than $500 per square foot, which would put the sales price near $270 million.
The transaction likely is Orange County’s most expensive commercial real estate deal of the year, exceeding the recent sale of the 1,572-room Hilton Anaheim, which is believed to have changed hands this summer for about $215 million.
Tenants at the building include Hyundai Capital America, which has its name atop the office; LA Fitness International LLC; and several prominent law firms.
For more details please read the Sept. 24 edition of the Business Journal.