LaSalle acquires “Ocean Gate Minato Mirai”, a new large-scale office building in the Yokohama Minato Mirai 21 area
HONG KONG (March 09, 2018) — LaSalle Investment Management announces that it has acquired, on behalf of a consortium of Japanese investors, Ocean Gate Minato Mirai, a 14-storey large-scale office building located in Yokohama’s Minato Mirai 21 area, the city’s business and central core.
Completed in July 2017, Ocean Gate Minato Mirai enjoys an ideal location on the corner of Kokusai Odori, also known as Minato Mirai 21’s main street, and Keyaki Dori. The building is a 2-minute walk from “Minatomirai” Station on the Yokohama Minatomirai Railway, which is connected to the Tokyu Toyoko Line.
The building features ceiling heights of 2,800 mm, raised floors (100 mm), and a floor area of approximately 900 tsubo (approx. 2975 m2). Equipped with modern features such as a middle floor base isolation structure, emergency power generators, large-scale drive-in parking lots and other features, Ocean Gate Minato Mirai is well-placed to support tenants’ business needs.
The Yokohama Minato Mirai 21 area is a major business, shopping and tourism centre, attracting visitors and businesses. Since 1983, the area has seen the promotion of integrated developments such as office buildings, international exchange bases, commercial facilities, cultural facilities, urban housing, hotels and universities. It is currently home to both global and Japanese corporations who have set up headquarters and branches offices in the area, and also hosts several business establishments and research and development (R&D) bases. In addition, a number of development plans are also underway. As continuous development is also expected in the area in future, Minato Mirai 21 is becoming increasingly important as an office area that meets prevailing social trends such as living closer to work and work-life balance.
Ryota Morioka, Managing Director of LaSalle Investment Management, Japan, said, “LaSalle considers medium- and large-scale office buildings in major cities as one of the excellent investment opportunities available in Japan. Even as competition for core real estate in the city centre intensifies, LaSalle is able to acquire a high-quality large office building like Ocean Gate Minato Mirai to add to our core investment portfolio. Drawing on LaSalle’s deep knowledge and investment experience in the office building sector, we expect to continue with the acquisition and development of office buildings in the area, and contribute to the city’s development and overall attractiveness.”
About LaSalle Investment Management
LaSalle Investment Management, Inc. (together with its global investment advisory affiliates, “LaSalle”) is one of the world’s leading real estate investment managers. LaSalle on a global basis manages approximately $60.5 billion as of Q3 2018 of private and public equity and private debt investments. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. LaSalle Investment Management, Inc. is a wholly-owned, operationally independent subsidiary of Jones Lang LaSalle Incorporated (NYSE: JLL), one of the world’s largest real estate companies. For more information please visit www.lasalle.com.
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