Ralph Lauren Building in Omotesando to be sold for USD350 million
Secured Capital Japan and other investors are to buy the iconic Ralph Lauren building (also called Espoir Omotesando) along Omotesando Avenue for USD350 million in one Japan's biggest real estate transactions of the year.
The building is to be acquired by the end of the month. Along with Secured Capital Japan, other investors include Orix and Trinity Investment. The total purchase price is 31 billion JPY with the three investors providing 7 billion JPY and the remaining 24 billion JPY to be provided by Germany's Deka Bank.Read more
Co-Op Olympia, A Harajuku Landmark
Harajuku's landmark building is still standing after 45 years, but for how much longer?
Co-Op Olympia was completed in 1965, just after the Tokyo Olympics, which provided the inspiration for the building name. It is located right in the heart of Harajuku. The building has become a landmark in the area due to its unique design and prime location, and is a highly sought-after vintage residence.Read more
Work to begin on former Gap site in Harajuku
Tokyu Land Corporation announced that they will start construction work on their "Omotesando Project" site on November 12th.
The project is expected to be completed by Spring of 2012. The site was the former location of Gap and is located at the intersection of upscale Omotesando Avenue and Meiji Avenue with its casual fashion stores.Read more
New record for the largest building capacity ratio in Japan
Orix Fudosan received a building capacity ratio allowance of 1700% for their development site in Nishi-ku, Osaka. This building capacity ratio (Yosekiritsu) is the largest given to a residential project to date in Japan. The 10,000 sqm site currently houses the Osaka Welfare Pension Hall (Wel City Osaka) and was purchased by Orix in October, 2009. There are plans for a large scale apartment building and the refurbishment of the music hall. The preservation of the music hall will be in compliance with city p0licies.Read more
Apartment Reconstruction Still Lagging Despite Support System
The following is a translation of an article that appeared in the Nikkei Shimbun on October 30th, 2010.
The large scale repairs and rebuilding of aging apartments in Tokyo is becoming more and more of a concern. Apartments built during the construction boom from the 1970s are now nearing 40 years old. If apartments are not properly maintained they create a fire and crime hazard (possibly because they have less security features than modern buildings). At the national and city level there is a support system for rebuilding, but actual cases where the system has been used are few in number.Read more
JVC sells Victor Studio land in Jingumae
JVC Kenwood Holdings sold the land underneath their Victor Studio building in Jingumae 2 Chome to a real estate company. JVC will lease the land from the new owner and continue to operate from the building.
Victor Studio was opened in 1969 and is used by many recording artists including Southern All Stars and Smap.
The land was sold for approximately 3 billion JPY (~USD 37 million as of October, 2010). The land will be leased by JVC and they will also retain rights to the building. The company has been liquidating their assets, and also sold a building and land in Yokohama.
The google map location for the land in Jingumae is here.
Source: Asahi Shimbun, October 27, 2010
MUFJ Bank donates villa to Kamakura City
Located in Kamakurayama, Mitsubishi UFJ Bank's holiday villa was donated to Kamakura City. The city opened the villa up to the public for one day on October 25th. In 2009, MUFJ had initially planned to sell the villa to the city, but financial difficulties caused the sale to fall through and it was later donated.
The main building is built from reinforced concrete with 2 floors and 1 basement. There are also two wooden tea houses.Read more