Real estate investment trust Japan Excellent Inc. bought a trust beneficiary interest in the Akasaka Intercity Air asset in Tokyo for ¥6.59 billion from Nippon Steel Kowa Real Estate Co. Ltd.
The office and retail building features 2,580.24 square meters of leasable space across 39 floors above ground, along with three basement levels, and is 98.46% occupied. The tower also contains an approximately 5,000-square-meter green area, a conference hall, as well as medical and childcare facilities.
The property was valued at ¥7.18 billion as of May 1, according to a release.
The company will use debt and funds on hand to pay for the property.
As of July 2, US$1 was equivalent to ¥110.78.