CBRE Global Investors and German investment company Universal-Investment have sold the Midosuji Grand Tower, a landmark office asset in Osaka, Japan, that was acquired in 2015, to Osaka-based real estate company Phoenix Co. Ltd., and in a parallel transaction, acquired a portfolio of residential assets in Osaka, from Phoenix. CBRE Global Investors and Universal-Investment made the disposition and acquisition on behalf of their client, Bayerische Versorgungskammer (BVK), one of Germany’s largest institutional investors.
The office asset, which is located on Midosuji Street in Osaka’s central business district, was built in 1994, with a gross rentable area of about 30,000 square meters (323,000 square feet). It provides excellent access to the city’s main subway lines and is within walking distance to the Shinsaibashi shopping and entertainment district. Considerable capital appreciation, driven by a successful refurbishment and lease up of the property as well as favorab
