Akasaka 1 Chome Redevelopment to begin in January
Nippon Steel Kowa Real Estate have received approval from the governor of Tokyo to convert the ownership rights as part of their Akasaka 1 Chome Redevelopment.
The 16,000 sqm site is adjacent to Tameikesanno Station and across the street from the US Embassy in Akasaka. The project was approved in August 2012.
Demolition of the existing buildings is expected to begin in January 2014 with construction starting in August. Completion is expected by April 2017.Read more
Office vacancy rates in August - Miki Shoji
According to Miki Shoji, the office vacancy rate in Tokyo's 5 central business districts (Chiyoda, Chuo, Minato, Shinjuku and Shibuya was 8.16% in August, down 0.13 points from the previous month. Vacancy rates decreased in four of the five districts.
The vacancy rate in new buildings was 17.93%, up 5.21 points from the previous month. Read more
Tokyu Hands Shibuya store sold for 10 billion Yen
Hulic have purchased the Nishi Shibuya Tokyu Building (aka the Tokyu Hands Shibuya Store) from a Tokyu-related company for 10 billion Yen (101 million USD). Hulic plan to redevelop the site when Tokyu's lease expires in 10 years.
The current building is 10 storeys with a total floor area of 13,000 sqm. It is on a 1,800 sqm block of land in the middle of Shibuya's retail precinct. It was originally owned by Tokyu Fudosan Group, but sold to a related fund in 2006 for 14 billion Yen.Read more
TEPCO sells Ginza building for 23.4 billion Yen
The Tokyo Electric Power Company (TEPCO) have sold a building and land in Ginza 3 Chome to the Yomiuri Shimbun newspaper company for 23.455 billion Yen (240 million USD).Read more
Chongryon headquarters back on the auction block
The Chongryon headquarters and North Korean de facto embassy building in Tokyo will be put up for public auction for a second time in early October.
The building and land was first listed for auction in March 2013. It made headlines after the winning bidder - the chief priest of a Kagoshima-based buddhist temple - failed to come up with the money for his 4.5 billion Yen bid.Read more
Akasaka Business Place sold
Daiwa Office Investment Corporation acquired Akasaka Business Place from Hakuba Capital 1 TMK (Angelo Gordon's SPC) for 9.2 billion Yen (approximately 92 million USD).Read more