Takashimaya pays 442 million USD for two office buildings in Nihonbashi

Takeda Pharmaceutical has sold two of their buildings in downtown Tokyo to the Takashimaya Department Store for a reported price of 49.5 billion Yen (approx. 442 million USD). Delivery of the buildings is scheduled for March 2019. Both properties were owned by Takeda’s real estate division. Takeda will be putting the proceeds from the sale towards their research for new cancer treatments.

The Tokyo Takeda Building and adjoining Takeda Shin Edobashi Building are located a block behind Takashimaya’s Nihonbashi store. The block to the north and east of the historic department store is currently being redeveloped into two high-rise office towers ranging from 140 ~ 176 meters tall and with completion expected in early 2018 and early 2019.

Takeda will be moving their headquarters to a new office building also located in Chuo-ku.

The Tokyo Takeda Building was built in 1966 and has been home to their head office since 1984. It has 9 floors and a total building area of 24,000 sqm (258,000 sq ft). It sits on a 2,400 sqm block of land. The building and land sold for 48.1 billion Yen (47.3 billion Yen for the land and 8 billion Yen for the building).

The Takeda Shin Edobashi Building is a small multi-tenant building located at the rear of the head office building. Built in 1986, it has a total building area of 1,480 sqm and sits on a 215 sqm block of land. It sold for 1.4 billion Yen (approx. 12.5 million USD), of which 1.3 billion Yen was apportioned to the land and 100 million Yen to the building.

Location

Sources:
The Nikkei Shimbun, December 1, 2017.
The Sankei Shimbun, December 2, 2017.
Ryutsu News, December 1, 2017.