TOKYO-The office portion of the Pacific Century Place has been sold. Secured Capital Japan, which was advised by Jones Lang LaSalle, purchased the 32-story, class A facility. JLL declined to release the purchase price. But sources tell that the property traded for nearly $1.6 billion.

“As prime office properties hardly change hands in Japan, it is the rarest of opportunities to be able to acquire a core asset of this quality and scale, and we were very pleased to help Secured Capital seize the moment,” says Michael Bowles, head of Asia Capital Markets in Japan. “This is a major achievement for Secured Capital and a very positive event for the market.”

Pacific Century Place is located in the business district of Marunouchi, a portion of the city that rarely sees sale deals since the majority of the prime properties are owned by local leading real estate companies.

“We are very pleased to be in position to acquire this premier property. We have the opportunity to acquire a true Class A building in Marunouchi at or very near the bottom of the market with attractive long term financing, which allows ample time to execute our business plan,” says J-P Toppino, president of SCJ’s investment/asset management unit, in a statement issued by the company when the transaction was in the works. “We believe this is a once in a decade investment opportunity.”

The property sits on a parcel of land adjacent to the Tokyo Station. Beyond the office portion, the property also contains retail space and the 57-room Four Season’s Hotel Tokyo. Construction completed on the 871,877-square-foot office building in November 2001. KK da Vinci then purchased the property in 2006.

Nick Crocket, JLL’s director of corporate finance in Singapore, assisted Bowles with the transaction.

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