John Hancock Real Estate, the U.S. division of Manulife Financial Corporation, has purchased a two-building, Class A office space in Newport Beach, California, for $104.5 (U.S.).

Located at 5000 Birch, in one of the wealthiest communities in California, the 306,000 square-foot building sits between Newport Beach and the Irvine Business Complex. Currently, John Hancock owns The Michelson and Oracle Tower, also located in Orange County.

“We are excited to grow our global portfolio through continued investment in Orange County — one of the fastest growing office markets in the U.S.,” said Kevin Adolphe, president and chief executive officer of Manulife Real Estate and president and chief executive officer of Manulife Asset Management Private Markets. “Our acquisition of 5000 Birch further strengthens our long-standing investment in California where we now actively manage over nine million square feet.”

The office complex consist of two towers, the 10 floor West tower, as well as the 6 floor East tower. The greater Airport Area building offers nearly 300,000 square feet and houses about 50 different tenants.