Canadian firm to invest US$9.5 billion in Japanese real estate
On October 12, the Nikkei newspaper reported that Canadian investment firm BentallGreenOak (BGO) plans to invest up to 1 trillion Yen (approx. US$9.5 billion) in Japanese real estate over the next two to three years. The company is anticipating that corporations will start selling off their office and hotel real estate holdings as the global pandemic continues, creating buying opportunities.
TOD’S Omotesando Building sold to Kering
Gucci owner and global luxury group Kering has purchased the Tod’s Omotesando building through a special-purpose company. The seller was a subsidiary of Tod’s.
Construction starts on 265m Toranomon Hills Station Tower
Groundwork on the OMA-designed Toranomon Hills Station Tower in downtown Tokyo officially started on November 25. The high-rise forms part of Mori Building’s US$3.6 billion redevelopment project centered in Toranomon.
Shibuya’s Silicon Valley status pushing rents to new highs
Thanks to its fast-growing status as Japan’s new tech center, Shibuya has outpaced Chiyoda as the most expensive office district in Tokyo.
Rent rises 11% on Tokyo Stock Exchange Building
The rent for the Tokyo Stock Exchange Building in Nihonbashi is increasing for the first time in 25 years. Starting in April, the building’s annual rent has increased by 11.1% to 3 billion Yen (approx. 28 million USD).
Scandal-hit site in Gotanda sold by rightful owner
Real estate developer Asahi Kasei Realty & Residence Corporation has emerged as the successful buyer of a scandal-hit property near Tokyo’s Gotanda Station.