Japanese investor buys two Boston offices, establishes U.S. subsidiary
Mori Trust Co. has established its U.S. subsidiary, Mori America, and the firm has concluded a sale and purchase agreement for two office buildings located in Boston’s Back Bay district. The acquisition and new subsidiary are part of Mori Trust’s efforts to expand outside Japan, specifically in the United States and Europe.
The properties, 10 St. James Ave. and 75–81 Arlington St., are currently owned by Liberty Mutual Group, which bought the properties in 2006 for $490.5 million. Mori is expected to close on the acquisition during first quarter 2017.
Other Japan-based firms developing and acquiring properties in the United States include Mitsui Fudosan, which is developing an office tower on Manhattan’s far west side at a cost of about $1.4 billion, and NTT Urban Development, which purchased the office building at 1015 18th St. in Washington, D.C., through its U.S. subsidiary, UD USA Inc.
At the start of the year, Boston was a