Tokyu Land, the Development Bank of Japan (DBJ) and Kenedix have purchased the former head office of the Shinsei Bank in Chiyoda-ku from a Morgan Stanley fund for 50 billion Yen (605 million USD) - less than half what Morgan Stanley paid for it in 2008.

The new owners plan to demolish the 19-year old building and replace it with a new one. The total cost of the project, including purchasing the existing building, is estimated at 80 billion Yen (970 million USD).

Demolition will commence in 2013 and the new 20-storey building will be completed in 2017. The new building will have a total floor area of 57,500 sqm, and will be almost the same scale as the current building, which is 60,000 sqm. However, the new building will have more leasable floor space.

This content is available to paid subscribers only.

Sharing information on Japan’s real estate market has been a long passion dating back 14 years. However, gathering and preparing this content takes hours and hours each week. By joining our monthly subscription service, you can access over 3,100 articles dating back 14 years. Best of all, you’ll be supporting us in our endeavor to continue to provide investors with on-the-ground, expert information.

To join our paid subscription service and access over 3,100 news articles on Japan's real estate market, please register here.

Already a paid member? Log-in using your details below.