Construction starts on Toranomon's latest office tower
Construction has started on a 180-meter tall office tower in Tokyo’s Toranomon district. The Toranomon 2 Chome District Redevelopment project is located on the same block as the 90-meter tall Toranomon Hospital and the recently-sold 170-meter tall JT Building.
Avex looks to sell Omotesando headquarters
On November 10, Toyo Keizai Online reported that major music producer Avex is making moves to sell its 18-story headquarters in Minami Aoyama, Tokyo. Avex would then lease the building back from the buyer.
Yoku Moku acquires Omotesando retail building
Long-established confectioner Yoku Moku has acquired a commercial building across the street from their flagship Aoyama store.
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.
Quick real estate news summary for the week
Office vacancies worsen, Nippon Building Fund makes a US$2 billion acquisition in Tokyo, and a potential extension to the home loan tax deduction. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Japan’s tallest wooden high-rise to be built in Nihonbashi
Mitsui Fudosan and Takenaka Corporation are planning to build a 17-story wood-frame office tower in Tokyo’s Nihonbashi district. With a proposed height of 70 meters, this would be the tallest wooden building in Japan.
180m tall office tower planned for Toranomon Station area
Nippon Tochi-Tatemono, Urban Renaissance Agency, and Sumitomo Realty & Development are embarking on a 180-meter tall office tower project for the Toranomon district in central Tokyo.