|
|
 |
|
|
|
|
Press Release
|
Contact: Nick Derasmo (212.841.7505) |
|
|
|
SALE OF MINAMI AOYAMA PROPERTY AFFIRMS TOKYO’S BUOYANT MARKET FOR MID-SIZED BUILDINGS-- Sonnenblick-Goldman Company Arranges Sale of City Center Office Building with Prime Tokyo Address |
|
|
Tuesday, May 08, 2001
-
New York, NY
-
Sonnenblick-Goldman Company, acting as the exclusive advisor to the Revlon group of companies, has arranged the sale of 2-11-16 Minami Aoyama, Minato-ku, Tokyo. In a competitive and complex transaction involving a "turn-key" development, Revlon was able to achieve its objective of liquidating its long-term investment in Tokyo real estate.
2-11-16 Minami Aoyama will be an 11-story, 45,800 square foot office tower on one of Tokyo’s main streets in a very attractive and fashionable part of the city. The building, acquired by a large international insurance company, will be completed in November 2001 and master-leased for 10 years by one of Japan’s largest owners of commercial office property.
According to Roger Griffin, an Executive Vice President with Sonnenblick-Goldman Company and representative in Japan, “The opportunity generated significant interest among both Japanese and foreign buyers despite the complexity of the transaction structure. With few, if any, good quality large scale office buildings available, this transaction illustrates the high level of buyer interest in quality mid-size buildings, particularly new product."
Robert Stiles, Sonnenblick-Goldman Managing Director, San Francisco and Regional Managing Director, Asia, added, “Coupled with the recent closing of the sale of the Rihga Royal Hotel Narita, this transaction represents the second Tokyo area disposition we have arranged in less than thirty days -- both to international investors. While there is significant debt and equity capital focused on Japanese investment grade real estate, there has been a dearth of quality assets. This year is expected to be a turning point with more product likely to come to market in the coming months." |
|
|
Sonnenblick-Goldman, LLC is the industry’s leading independent real estate investment banking firm. Founded in 1893 to serve the financing needs of the real estate industry, Sonnenblick-Goldman, LLC provides a full range of financial services, including debt and equity placements, joint ventures, investment sales and advisory services. Headquartered in New York, Sonnenblick-Goldman maintains offices in San Francisco, Boston, Hong Kong, Shanghai, Sydney and Tokyo. Further information can be found at Sonnenblick-Goldman, LLC’s website at www.cushwake.com/sonngold.
|
|
|
|