Transactions - NOVEMBER 24, 2021

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Hines Asia Property Partners Fund Secures First Investment in Japan

by Andrea Zander

Hines has acquired the New Stage Yokohama building in the Yokohama submarket of Greater Tokyo. The asset was purchased off market on behalf of the firm’s flagship fund, Hines Asia Property Partners (HAPP), and is HAPP’s first acquisition in Japan.

Built in 1993, New Stage Yokohama is a 17-story tower, providing more than 500,000 square feet of office space. The building features expansive indoor and outdoor common areas, a large tenant dining area, an atrium-style lobby, a tenant sky lounge, and large column-free floor plates. Existing tenants include a high-quality diversified group from real estate, technology, R&D, automotive and financial services sectors.

A significant renovation effort is underway to revitalize the building to appeal to both traditional and R&D users. Details of the renovation plans will be announced after consulting with existing tenants and the City of Yokohama. Renovations are expected to begin in first quarter 2022 with completion

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