Partial interest in Otemachi office tower sells for 99.8 billion Yen

Mitsubishi Estate has sold a partial interest in the Otemachi Park Building for 99.8 billion Yen (approx. US$974 million).

The three buyers are Tokyo MN1 SPC (Norges Bank Investment Management), Nippon Open Ended Real Estate Investment Corporation, and Japan Real Estate Investment Corporation. NBIM will pay 79.7 billion Yen for their share.

The transfer is scheduled to take place on March 24.

The 29-story Otemachi Park Building was developed by Mitsubishi and completed in 2017. It is the location of Mitsubishi Estate’s head office. The Ascott Marunouchi Tokyo hotel and serviced apartments are located on floors 22 to 29.

Source: The Nikkei Shimbun, March 5, 2020.

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