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TOKYO-Grosvenor of San Francisco broke ground this week for itsfirst development in Japan, a six-story, 45-unit luxury apartmentdevelopment adjacent in Downtown Tokyo. The development will riseadjacent to Yoyogi Park, Tokyo's equivalent of Central Park in NewYork City.

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Apartments in the building will range in size from 1,600 sf to3,800 sf and each will enjoy views of the park, which was one ofthe sporting venues for the 1964 Olympics. The location is one milefrom the Shibuya and Omotesando shopping districts. The cost of theredevelopment was not released by the parties involved; industrysources tell GlobeSt.com the total development cost isapproximately $60 million.

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Grosvenor is a privately owned international property grouprepresenting the interests of the Grosvenor family, which is headedby the Duke of Westminster. Grosvenor manages or has interests inapproximately $17.3 billion of real estate. Grosvenor'sinternational strategy includes a focus on residential developmentin Asia and other markets; in the US, the Company is more active inthe commercial sector, particularly retail.

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The Yoyogi Park project is part of Grosvenor's plan to establishits luxury residential brand in the region. To make it happen,Grosvenor is partnering with Japan-based property developers andother local experts including Properst Company Ltd. The designer ofthe project is British architect Paul Davis. Davis also designedGrosvenor's 29-story Grosvenor Place residential structure in HongKong, which in 2004 became the first residential development inAsia to win a MIPIM award.

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