According to Lend Lease Global Properties CEO Jim Quille, more Tokyo deals can be expected in short order. "This is an exceptional opportunity to acquire a portfolio of office buildings in one of Tokyo's strongest commercial submarkets," Quille says. "Tokyo offers considerable opportunity for our investors and we will continue to seek further office investments in the Tokyo market over the next 12 months."

The Lend Lease funds recently flipped an office building in Tokyo's Chuo Ward. The asset was acquired vacant in October 2001 and sold in December 2002 following a capital reinvestment and leasing program that brought the property to 100% occupancy.

Simon Treacy, investment manager for lend Lease Global Properties in Japan, says the strategy will prove successful once again with the newly acquired portfolio. "I am confident that a combination of measured refurbishment works and focused management can capitalize on the outstanding real estate fundamentals of the portfolio to produce excellent returns for our investors, as we have been able to do previously in Tokyo," he says.