Company officials say that the deal is an "add-on investment" to its prior acquisition of the Tokimec Building (Building A at Technoport Kamata) last year. The B building at Technoport Kamata contains 12,300 sf floor plates and is said to be "especially well-suited for Japanese corporate tenants," according to officials with the partnership.

Building A, valued in excess of $46 million, was acquired by Starwood Capital Group Global and Nomura with non-recourse financing by Sakura Bank (now Sumitomo Mitsui Bank). At the time of the purchase last year, the 237,000 sf property's occupancy dropped from 94% to 78% because of the departure of Tokimec Corp., upon closing by Nomura in September 2000.

Since then, the building's occupancy has risen to 98%, Starwood Capital officials note. That building was transferred to the Nomura/Starwood Capital Group partnership in March of this year.