Kudan-Minami office building traded for 3rd time in 3 years
A 10-story office building across from Yasukuni Shrine in Tokyo’s Chiyoda ward has changed hands for the third time in three years. NTT Urban Development acquired Pacific Square Kudan-Minami from a real estate fund in early 2008. It had been suffering from high vacancy rates at the time due to high supply in the neighborhood and a relatively small floor plate (144 m2).Read more
Listed companies sold 568 billion Yen of real estate in 2023
Of the 3,836 companies listed on the Tokyo Stock Exchange, 94 reported the sale of real estate holdings in 2023. This is down from the record high of 114 companies in 2022.
88 of the 94 companies publicly reported the capital gain/loss on the sale, with the total gain reaching 568 billion Yen (approx. US$3.6 billion), up 27.9% from the previous year and the highest on record.Read more
10,000 sqm property to sell for 2 Yen
A city in Mie Prefecture is preparing to acquire a pharmaceutical company-owned property for just 2 Yen (1 US cent). The property will then be transferred to the sub-tenant free of charge.Read more
Ace Hotel coming to Fukuoka
After opening its first Asian location in Kyoto in 2020, Fukuoka has been selected as Ace Hotel’s second location. The hip Seattle hotelier will take up 8 floors in a mixed-use building under construction in Tenjin.Read more
City worries about preservation as heritage-listed imperial residence in Kyoto is sold to developer
Kyoto City was in discussions with the owner of a nationally registered Tangible Cultural Property after learning of plans to sell the 150+ year old historic building and land. A few days later, it was announced that a major developer has acquired the property with future plans for the site yet to be decided.Read more
Seibu to sell off all assets by 2026, starting with Kioicho skyscraper
On May 9, Seibu Holdings confirmed its plans to sell the Tokyo Garden Terrace Kioicho property in central Tokyo within the year.Read more
Department Store plans 500 billion Yen redevelopment
Isetan Mitsukoshi Holdings is planning to invest 500 billion Yen (approx. US$3.2 billion) in a large-scale redevelopment project in the neighborhood around its landmark Isetan Shinjuku Department Store. This redevelopment plan is expected to boost annual department store revenues by 100 billion Yen.Read more