Manulife US REIT divests New Jersey property for US$40m

Divestment proceeds will repay 19% of 2026 debt.

Manulife US REIT has signed a purchase and sale agreement to divest an office building in New Jersey, USA.

500 Plaza will be sold for a net consideration of $53.6m (US$40m), with the net proceeds of $52.3m (US$39m) to repay 19% of its 2026 debts.

The sale of 500 Plaza is expected to be completed by Q12025. The latest independent valuation of the asset was $58.6m (US$43.7) as of 31 December 2024.

As of 31 December 2024, Plaza is 71.5% leased by a mix of headquarters tenants. Completed in 1985, 500 Plaza is one of the oldest properties in the REIT’s portfolio.

“Upon repayment of our 2026 debts, we will leverage our Sponsor’s global real estate platform to focus on growth opportunities through accretive acquisitions to deliver sustained value to unitholders,” John Casasante, CEO and CIO of the manager said.

Follow the link for more news on

Manulife US REIT

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia