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Class A Office Space Trades for $1.6B

TOKYO-The 872,000-square-foot, 31-story property is located in one of the most desirable submarkets in Tokyo.

By Katie Hinderer | Updated on January 20, 2010

TOKYO-The office portion of the Pacific Century Place has been sold. Secured Capital Japan, which was advised by Jones Lang LaSalle, purchased the 32-story, class A facility. JLL declined to release the purchase price. But sources tell GlobeSt.com that the property traded for nearly $1.6 billion.

“As prime office properties hardly change hands in Japan, it is the rarest of opportunities to be able to acquire a core asset of this quality and scale, and we were very pleased to help Secured Capital seize the moment,” says Michael Bowles, head of Asia Capital Markets in Japan. “This is a major achievement for Secured Capital and a very positive event for the market.”

Pacific Century Place is located in the business district of Marunouchi, a portion of the city that rarely sees sale deals since the majority of the prime properties are owned by local leading real estate companies.

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