TOKYO: One of Japan’s largest property developers Mitsubishi Estate Company limited is all set to sell a 41 year old office building in Tokyo to Mizuho Financial Group for 159 billion yen ($1.35 billion).
Mitsubishi said in a statement it would book a special profit of 36.5 billion yen from selling it. Mitsubishi bought the 15 storey structure in the Otemachi business district from Mizuho in 2003 for an undisclosed sum. Mitsubishi said in a separate statement the property will be redeveloped along with neighboring buildings.
A Mizuho spokeswoman said Mizuho bought the building as a long term investment over which it wanted the management flexibility afforded by complete ownership.
In February Mizuho Bank bought 30 percent of Otemachi Tower for 178.2 billion yen from developer Tokyo Tatemono Co.
To Tokyo Tatemono the bank had sold the building in 2004, which redeveloped it into a complex of office and retail space.
Japan’s most popular business district Otemachi neighbors Marunouchi. Both areas have been under redevelopment in recent years.