Global law firm DLA Piper has advised international financial services group Manulife Financial Corporation on its 50/50 joint venture with Investa Commercial Property Fund (“ICPF”) to acquire the right to a 100% interest in 39 Martin Place, Sydney from Macquarie Group Limited (ASX: MQG).

With global headquarters in Toronto, Canada, Manulife operates offices in Canada, Asia, and Europe, and primarily as John Hancock in the United States with more than CAD1 trillion assets under management and administration as of 30 September 2020.

Expecting to reach completion in 2024, 39 Martin Place will span 28 levels of 3,000 square meters of office and 2,000 square metres of retail space, and will sit directly above the southern entrance of the new Martin Place metro.

The acquisition of the building will build upon Manulife’s continued focus on expanding across the Asia-Pacific region and high-quality assets, supported by strong long-term macro and demographic prospects.

DLA Piper’s team was led by Corporate partner Emma Kendall and senior associate Matthew Parkinson, Real Estate consultant Les Koltai, partner Kate Pickthall, special counsel Robyn Rogers and Tax partner Eddie Ahn.

DLA Piper investment funds Partner Emma Kendall said “this deal recognises the premium position and cultural significance Martin Place holds in Sydney and Australian real estate. We applaud Manulife and ICPF’s approach to green building status and are delighted to partner with Manulife on its investment of this new landmark commercial centre in Martin Place.”