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Sign in Sign up for a FREE subscriptionMitsubishi sells stake in Tokyo office
Mitsubishi Estate has sold a 5 percent partial interest in the 24-story Shiodome Building in Tokyo for ¥10.11 billion ($84.35 million) to Japan Real Estate Investment, which has increased its existing stake to 45 percent. Real Capital Analytics values the office tower at ¥292 trillion ($1.69 billion).
The sale followed Japan Real Estate Investment’s purchase of the 166,842-square-foot Amagasaki Front, an office building in Osaka, Japan, for ¥9,312 billion, or ¥55,848 per square foot ($77.7 million/$466 per square foot). The seller was also Mitsubishi Estate.
Other interests Mitsubishi Estate has sold include the basement and the first 13 floors at the 400,495-square-foot Aoyama Building in Tokyo. The transaction involved a 95 percent ownership stake, which sold for ¥44.6 billion ($372 million). The buyer was New York City–based GreenOak. Mitsubishi Estate will retain the remaining 5 percent interest.
Recently, Mitsubish
