US-based firm acquires two Omotesando buildings

Elliott Management, a US-based fund management firm, has acquired two buildings in prime locations just across the street from Omotesando Hills.

(1) 21st SY Building (fronting Omotesando Avenue and next to the Emporio Armani boutique). The 6-storey building is on a 360 sqm block of land. The 2011 assessed land value (koji-chika) for this site was 9,300,000 Yen/sqm.

(2) SAI Omotesando Building. The 5-storey building was built in 1998. It is located around the corner from the 21st SY Bldg.

In May, 2008, “Globe Spirit” purchased the two buildings from Urban Corporation. Urban Corporation had purchased the buildings just 3 months prior at an estimated cost of 18 billion Yen.

The 2008 assessed land value for the 21st SY Bldg site was 14,300,000 Yen/sqm. Despite prices falling from the mini-bubble in 2008, land fronting Omotesando Avenue is still valued higher than it was 10 years ago.

Assessed land value for the 21st SY Building site in Omotesando

In 2010, Elliott Management also purchased two retail buildings in Minamiaoyama 5 Chome (33 yrs old) and Shinjuku 3 Chome (27 yrs old).

Nikkei Real Estate Market Report, November 24, 2011.

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