X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

GREENWICH, CT-A partnership of Starwood Capital Group Global and Nomura Real Estate Development Ltd. has acquired Building B of the Technoport Kamata complex in Tokyo. Starwood Capital Group Global, which utilized one of is Opportunity Funds to engage in the transaction, did not release a purchase price for the 151,327 sf multi-tenanted building.

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.

The buildings are part of a three building complex. Starwood Capital Group Global officials say that the venture has no plans at the moment to acquire the remaining building at the complex.

Commenting on the deal, Ken Munkacy, managing director of Starwood Asia Holdings, says, “We believe this acquisition further demonstrates the strong progress the venture is making in implementing its investment strategy and will position us well for implementation of a J-REIT exit strategy.” With the acquisition, Starwood Capital Group Global now has six properties in its Asian portfolio, which consist of five office buildings and one hotel — the 307-room Union Hotel in Kobe, Japan.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.