Japanese REIT invests in two properties in Tokyo
ORIX JREIT has acquired interests in two Tokyo properties valued at $1.02 billion from its asset management company, ORIX Asset Management Corp.
ORIX JREIT acquired a 25 percent stake in the 20-story Ark Hill South Tower in Tokyo. The property has a total value of $965.3 million. The sales price is approximately $241.3 million. The office building totals 387,820 square feet and includes a 136-space underground garage. The property is 98 percent occupied; major tenants include Mori Building, Asurion and Softbank.
The second office property, ORE Omiha Building, is located in Tokyo’s Saitama district and sold for $58.79 million. The eight-story tower totals 107,869 square feet and includes a 123-space underground garage and street retail. The building is 98 percent occupied; major tenants include Toshiba, Nihon Safety and Bora