Mitsubishi Estate sells Akasaka Park Bldg
On November 15, 2011, Japan Real Estate Investment Corporation purchased Akasaka Park Building and land for 60.8 billion Yen (779 million USD). The seller was Mitsubishi Estate. The building had an appraised value of 62.5 billion Yen in October, 2011.
The buyer believes that the image of Akasaka has improved over the years, particularly with the development of Akasaka Sacas just behind the building, and are expecting diversified demand from tenants into the future.
Akasaka Park Building was completed in 1993. The 30-storey building has a total floor space of approximately 97,317 sqm and a standard floor area of 2033 sqm. The total size of the land under the building is 14,198.20 sqm.Read more
7 Fukushima Golf Courses sue TEPCO for lost revenue
On November 30, 2011, seven of the forty golf clubs that form the Fukushima Prefectural Golf Association filed a claim against TEPCO for damages arising from loss of income.
The clubs have reported a total loss in revenue of 247 million Yen (3.16 million Yen) between March and August, 2011, which they say was directly attributed to the radiation fears from the troubled nuclear power plant.Read more
Palace Hotel set to reopen in May, 2012
The Palace Hotel reconstruction project is expected to be completed in 2012 with the "Palace Hotel Tokyo" scheduled to start accepting hotel guests from May 17, 2012. The new hotel will be 23 stories and will have 290 hotel rooms. The rooms start from 45 sqm in size (484 sqft), which is much larger than the typical Japanese hotel room.Read more
100 condominiums in Sendai City need rebuilding
In Sendai City, a condominium that was seriously damaged by the March 11 Tohoku Earthquake is scheduled to be demolished. Sunny Heights Takasago is a 14-storey apartment building with 189 units. The earthquake damaged the foundations and the building began to lean at a dangerous angle, threatening neighboring buildings. Demolition is scheduled to begin by the end of December and should be completed within 6 months. This is the first case in Sendai City of an apartment building of this size being demolished due to the effects of the Tohoku earthquake, but it won't be the last.Read more
SUUMO real estate site opens cafe in Ginza
One of Japan's major real estate listing sites, SUUMO (http://suumo.jp), has recently opened up a promotional cafe in Ginza.
The cafe shares the space of the R25 Cafe on the 1st floor of the Recruit Ginza 7 Chome Building (see google map here). They are selling various sweets and drinks featuring the Suumo character (a green alien) including hot cocoa, muffins and cider. Prices range from 330 - 500 Yen.Read more