A 13-story office building in Takanawa, Tokyo, has just been flipped for a 7 billion Yen gross gain over the span of a year.
Last month, the Nikkei Shimbun reported that a domestic company is scheduled to acquire the building later this month for a total of 32.1 billion Yen (approx. US$217 million). The 13-story office building previously sold just 12 months prior for 25 billion Yen.
The building’s office floors had been advertised for lease for the past year but appears to be fully vacant. Built in 2008, the building has a gross floor area of around 16,000 m2 (172,000 sq.ft). The latest sale price is a little over 3 million Yen/m2 based on the building’s net lettable area.
Originally named Mita M-Square, the building had been developed by Mitsui Fudosan in 2008 as a tenant building. In 2013, machinery component manufacturer MinebeaMitsumi acquired the building as its headquarters. In 2021, the company paid 73.2 billion Yen for the Nippon Express head office building in Shiodome with plans to relocate.
Asking rents for large office plates along this street may be somewhere in the vicinity of 30,000 Yen per tsubo (9,000 Yen/m2).
