UR acquires hotel in Harumi, LG sells office floor, and telework take-up sits at just 20%. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Harumi hotel sold to UR
The Urban Renaissance Agency has acquired Hotel Fukuracia Harumi on the manmade island of Harumi in Tokyo Bay. The hotel operator ended business operations on March 10, 2021. The 10-story hotel opened in 1975 as Hotel Den Harumi and was designed by Koso Architectural Laboratory. It underwent a refurbishment and earthquake retrofitting in 2018.
LG sells floor in Kyobashi Trust Tower
Electronics giant LG has sold an office floor in Kyobashi Trust Tower in Tokyo. LG purchased 20% of the building in 2014 for undisclosed price, but with a 12 billion Yen revolving mortgage. Kyobashi Trust Tower is a 21-story building with a total floor area of 52,470 sqm and a floor plate of approximately 1,500 sqm.
Telework take-up sits below 20%
A survey by the Japan Productivity Center found that 19.2% of company employees were working from home in April 2021, down from 22.0% in January. This is the Center’s fifth survey since the May 2020 when the country was in its first coronavirus-related State of Emergency. Last May, the telework ratio reached 31.5%. It was back down to 18.9% by October.
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