Recruit sells Ginza HQ Building

Human resources giant Recruit Holdings has sold its headquarters in Ginza to Hulic for an undisclosed amount. Recruit plans to lease back the office building after the sale.

The Recruit Ginza 8 Building was built in 1981 and has 11 floors aboveground and 3 basements. It became a symbol of the recruiting giant, with the company still keeping their headquarters registered at this address even after moving their main office to the Marunouchi district in 2008.

The company’s public relations representative said the sale had nothing to do with cutting down office space, and that the firm had not been affected by the worsening pandemic. The company revised their expected earnings forecast upwards on February 15, anticipating a final profit of 123.5 billion Yen for the year ending March 31, 2021. That figure likely includes the sale proceeds from this building. 

The Nikkei Shimbun newspaper suggested that the sale price could be around 20 billion Yen (approx. US$187 million) for the 17,000 sqm building.

Back in 2012, Hulic acquired the Recruit Ginza 7 Building for 21 billion Yen (approx. US$264 million at the time), renaming it the Hulic Ginza 7 Chome Building. The building has a total floor area of 19,790 sqm and was built in 1962.

Location

8-4-17 Ginza, Chuo-ku, Tokyo

Sources:
The Yomiuri Shimbun, February 26, 2021.
The Nikkei Shimbun, February 26, 2021.

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