Tokyo property changes hands for $226m
Daiwa Office Investment has purchased Rivergate, an office and apartment mixed-use building in Tokyo, from J.P. Morgan Asset Management and Secured Capital for $225.6 million. The 280,307-square-foot office portion of Rivergate comprises the first, second and ninth through 20th floors in the 20-story building. Major tenants include Yomiuri Shimbum, Oasis Corp. and Marubeni. The 77-unit Rivergate Residence, valued at $16.4 million, comprises the third through eighth floors of the 20-story property. It is 90 percent occupied. Daiwa Office Investment also acquired a two-property portfolio from J.P. Morgan Asset Management and Secured Capital in March for $180.5 million. The portfolio consists of two office properties in Tokyo, Glass City Shibuya and Megura Place Tower, totaling 129,988 square feet.