Mitsubishi Estate sells Akasaka Park Bldg

On November 15, 2011, Japan Real Estate Investment Corporation purchased Akasaka Park Building and land for 60.8 billion Yen (779 million USD). The seller was Mitsubishi Estate. The building had an appraised value of 62.5 billion Yen in October, 2011.

The buyer believes that the image of Akasaka has improved over the years, particularly with the development of Akasaka Sacas just behind the building, and are expecting diversified demand from tenants into the future.

Akasaka Park Building was completed in 1993. The 30-storey building has a total floor space of approximately 97,317 sqm and a standard floor area of 2033 sqm. The total size of the land under the building is 14,198.20 sqm.