Japanese office assets change hands for $550m
Two office properties in Tokyo are under contract to be sold in separate deals for a total of ¥60.4 billion ($550 million).
Mori Trust Asset Management Co., which manages assets on behalf of Mori Trust Sogo REIT, bought the 266,392-square-foot Kioicho Building for ¥34.3 billion, or ¥128,758 per square foot ($329.2 million/$1,236 per square foot). The sellers were Angelo, Gordon & Co. and ORIX Real Estate.
Kioicho, where the property is located, is in Chiyoda-ku, which is a core business district in Tokyo. The property was completed in November 1989. The first and second stories above ground are retail floors, and the third to 19th stories are office floors. The 20th to 26th stories are residential floors.
The second transaction was the purchase by Japan Real Estate Investment of a 14 percent stake in the 1.8 million-square-foot Shinjuku Eastside Square office property for ¥24 billion ($221.74 million); seller Mitsubishi Estat