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Tokyo Offices Sell for Record $2B

TOKYO-The city has seen Japan's largest-ever property deal with the sale of the 420,900-sf office segment of the Marunouchi Building. The price was $1.7 billion.

By Anita Howarth | Updated on September 22, 2006

TOKYO-Hong Kong entrepreneur Richard Li’s Pacific Century Group has made what is being reported as the largest-ever property sale in Japan when it sold the 420,900-sf office part of its Marunouchi building. The asset, in central Tokyo, moved for $1.7 billion.

The purchase gives the buyer, fund manager K.K. daVinci Advisors, yen 1 trillion ($8.54 billion) in assets. The deal comes at a time when office rents in Japan’s major cities are rising while the vacancy rates in Central Tokyo have fallen to their lowest levels in a decade. Recent data shows that average land prices in the nation’s top three cities rose for the first time in 16 years partly due to economic growth and partly due to strong interest from REITs.

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