The building would replace a 1924 tower at 380 Stuart Street
A new $350 million dollar office building boasting 26 stories and 625,000 square feet of Class-A office space has been proposed to the Boston Redevelopment Authority by the life insurer John Hancock. The project, if approved would break ground in late 2016 with a final completion date in early 2019 and would replace the existing 1924 building currently there.
“For 153 years, John Hancock has called Boston home, and our proposed redevelopment of 380 Stuart Street extends our heritage of significant commitments to the City,” said Craig Bromley, President. “The new project embodies bold architecture, continuing John Hancock’s tradition of choosing world-class design for its buildings in Boston. We look forward to engaging with our neighbors in our plans for 380 Stuart Street.”
John Hancock, which is a subsidiary of the Canadian company Manulife, will fund the $350 million dollar project in its entirety. According to established real estate practices at the company, no lenders, partners or third parties will be involved in the project.
Over the past 10 years, John Hancock has invested more than $300 million to upgrade, enhance and reshape our Boston properties to accommodate business operations,” said Kevin J.E. Adolphe, President & Chief Executive Officer of Manulife Real Estate. “We envision that the building will be not only an important addition to our company’s real estate investment portfolio, but will provide us with flexibility in meeting the needs of John Hancock’s growing business.”
John Hancock estimates that the 380 Stuart Street Project will involve more than 1,500 construction jobs. The company also predicts more than $5,000,000 in linkage funds to the City of Boston from the new building as compared to the current one occupying that address which currently has nine stories and 140,000 square feet of space. The life insurer has hired the architectural team of Skidmore Owings Merrill & CBT along with Colliers International as the project manager.
Although now owned by a Canadian company, John Hancock continues to exert strong civic ties in Boston. This includes its sponsorship of the Boston Marathon over the last 30-plus years. In addition to the Stuart Street Project, John Hancock also has developed properties in Boston at 197 Clarendon, 200 Berkeley and 200 Clarendon, all which have won the Boston Society of Architects’ Harleston Parker Award.