Search
 

Lend Lease Global Pays $190M for Tokyo Office Portfolio

TOKYO-The Luxembourg-based real estate investment firm acquires seven class A and B office assets here in joint venture with Merrill Lynch. The seller is a local Japanese property owner. Look for more Lend Lease deals in Tokyo over the next year.

By Glen Thompson | Updated on February 18, 2003

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.