Lend Lease Global Pays $190M for Tokyo Office Portfolio

TOKYO-Luxembourg-based Lend Lease Global Properties and its sister fund Lend lease Asia Properties yesterday revealed the acquisition of a seven-property office portfolio totaling 466,000 sf. The assets were purchased in joint venture with a Merrill Lynch affiliate for $190 million. The properties, all located in central Tokyo, were sold by a local Japanese property owner.

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.”