Manulife Financial has purchased the 1100 Peachtree Street office tower in Atlanta from 1100 Peachtree Street Associates, L.P., a joint venture of USAA Real Estate Company and Carter, a privately held commercial real estate firm, for US$153.86 million.

“1100 Peachtree is an exceptional complement to our portfolio and solidifies Manulife’s presence in the Atlanta real estate market,” said Stephani Kingsmill, senior vp and general manager of Manulife’s real estate division. “Manulife has a high-quality real estate portfolio located in strong, diverse regions and Atlanta is key to that mix.”

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, the company’s Atlanta portfolio consists of 10 properties, totalling more than 2.7 million square feet, including The Proscenium, at Peachtree and 14th Streets, which Manulife purchased in 2003.

1100 Peachtree is one of Atlanta’s landmark towers, defining the city’s growing Midtown skyline since the building was developed in 1991. At 28 stories, 1100 Peachtree offers 582,000 square feet of Class-A office space and features an array of on-site amenities including restaurants, concierge services and an executive conference center.

Carter, who developed 1100 Peachtree through a partnership venture, will continue to manage and lease the property on behalf of Manulife Financial.