Bushburg Properties pays $70M to John Hancock for office in Financial District

Bushburg Properties through the entity Wpjg LLC paid $70 million to John Hancock Life Insurance through the entity John Hancock Life & Health Insurance Company for the office building (O4) at 100 William Street in Financial District, Manhattan.
The deal closed on December 12, 2025 and was recorded on December 26, 2025. The property has 377,120 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $185 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on December 10, 2013, for $166.5 million. The signatory for John Hancock Life Insurance was Emily Wickey . The signatory for Bushburg Properties was Abraham J. Hoffman . The contract date was October 22, 2025. John Hancock Life Insurance is owned by a Canadian firm, Manulife Financial, and is known by that name throughout most of the world.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Bushburg Properties purchased one property in one transaction for a total of $160 million and sold one property in one transaction for a total of $68.4 million over the past 24 months.
The seller John Hancock Life Insurance had not purchased any other properties and had not sold any properties over the same time period. The 377,120-square-foot property generated revenue of $20.1 million or $53 per square foot, according to the most recent income and expense figures.
Commercial Observer reported on December 16, 2025 that Bushburg Properties paid $70 million to Manulife for 100 William Street, Manhattan, NY. The sell-side brokers were Will Silverman of Eastdil Secured.

The Real Deal reported on December 16, 2025 that Bushburg Properties paid $70 million to Manulife for 100 William Street, Manhattan, NY. The buy-side brokers were Will Silverman and Gary Phillips of Eastdil Secured. The sell-side brokers were Will Silverman and Gary Phillips of Eastdil Secured.

The property

The office building in Financial District has 377,120 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 121 feet and is 163 feet deep with a total lot size of 18,513 square feet. The lot is irregular. The zoning is C5-5 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $99.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $1,910 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Financial District, The majority, or 74 percent of the 79.9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Financial District has the 5th highest sale turnover among other neighborhoods in the city with $1.9 billion in sales volume in the last two years. For development, Financial District is the 3rd most active neighborhood among other neighborhoods. It had 18.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 23 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the six commercial properties representing 655,105 square feet of the 882,094 square feet. The largest owner is John Hancock Life Insurance Company, followed by Vanbarton Group and then Csc Real Estate.
There are no active new building construction projects on this tax block.

The majority, or 78 percent of the 882,094 square feet of built space are office buildings, with hotel buildings next occupying 22 percent of the space.

The buyer

The PincusCo database currently indicates that Bushburg Properties owned at least seven commercial properties with 750 residential units in New York City with 1,518,082 square feet and a city-determined market value of $196.3 million. (Market value is typically about 50% of actual value.) The portfolio has $760.1 million in debt, with top three lenders as Deutsche Bank, Pine Financial Ltd., and MF1 Capital respectively. Within the portfolio, the bulk, or 79 percent of the 1,518,082 square feet of built space are office properties, with elevator properties next occupying 10 percent of the space. The bulk, or 73 percent of the built space, is in Manhattan, with Brooklyn next at 24 percent of the space.

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