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Jones Lang LaSalle acted as adviser to Secured Capital Japan in its acquisition of prime office building located in Marunouchi, Chiyoda-ku
TOKYO, December 24, 2009—Jones Lang LaSalle, acting as asset adviser to Secured Capital Japan, is pleased to announce that it assisted in the acquisition of the office portion of Pacific Century Place in a rare opportunity in the prime business district of Marunouchi, Tokyo.
Pacific Century Place is a 32-storey prime office building with a gross floor area of 81,000sqm completed in November 2001, located adjacent to Tokyo Station. In addition to office and retail areas, the property is home to the 57-room Four Season’s Hotel Tokyo. The property had previously been acquired by KK daVinci in 2006 amidst fierce competition for grade A investment quality assets.
“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,” comments Michael Bowles, Head of Asia Capital Markets in Japan.
Property values in Marunouchi, underlined by stable and healthy demand from major domestic corporations and financial institutions, are among the least volatile in Tokyo and the submarket will always remain the prime address for business. “This is a major achievement for Secured Capital and a very positive event for the market” adds Bowles.
Nick Crockett, Director of Corporate Finance based in Singapore, who was a member of the Jones Lang LaSalle advisory team for this transaction says, “Being involved in this transaction is significant for Jones Lang LaSalle as it demonstrates the collaboration that we have across our teams in the region and our ability to leverage on our local, regional and global expertise.”
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