LaSalle Acquires Prime Office Complex in Central Tokyo
February 11, 2015 – LaSalle Investment Management today announces that it has acquired Meguro Gajoen, a mixed-use complex comprised of the Arco Tower, the Arco Tower Annex, the Meguro Gajoen banquet hall & hotel, and the Arco Square properties in central Tokyo.
LaSalle acquired the asset through a joint venture with a global sovereign wealth fund. Meguro Gajoen has a total gross building area of 155,820 sqm. The office complex has a strong tenant profile and is currently 99.7% occupied. Overall, the property is an excellent investment opportunity for core investors seeking stable income streams on the back of potential rental growth in Tokyo office market.
Nick Okumura, Head of Acquisitions, Japan, commented, “The market continues to be very active in core investing in Tokyo, but it has proved challenging for investors to get access to prime, core office real estate. Therefore, we are extremely pleased to acquire Meguro Gajoen in the current environment.”
Mark Gabbay, LaSalle Co-Head and CIO for Asia Pacific, added, “LaSalle maintains a balanced investment strategy in Japan, investing across different asset types and risk profiles, and Meguro Gajoen is an excellent addition to our core portfolio in Asia.”
As of September 30, 2014, LaSalle has more than US$5.3 billion of assets under management in Asia Pacific across various asset types.