NCR JAPAN, LTD. has decided that there is little benefit to the company from owning its headquarters in the Akasaka area of Tokyo. Consequently, it has agreed to sell the 37- year-old building, which has 191,125 square feet of floor space and stands on a 22,400- square-foot piece of property, to the Nippon Foundation for $125.5 million. NCR Japan will use the proceeds to fund its pension plan and strengthen its core businesses; that could include acquisitions. The sale is slated to close in April 2000. NCR Japan executives and the company's marketing unit will move to a building in Tokyo's Chiyoda district. The sales and consulting divisions will be relocated to existing NCR Japan offices in the Shibuya section of Tokyo, Yokohama and Oiso, Kanagawa prefecture.
One of the first American companies to exploit the opportunities created by the plunge in commercial property prices in Japan's big metropolitan areas has brokered the sale of its sixth office building in 1999. KENNEDY-WILSON, INC. arranged the sale of an eight- year-old, 60,000-square-foot, seven-story office building in central Tokyo owned by a stumbling real estate company to a U.S. real estate fund for $15.1 million. According to Kennedy-Wilson, the real value of the property is $300 per square foot. The transaction brought the firm's year-to-date sales in Tokyo alone to more than $150 million.
An exchange rate of ¥106=$1.00 was used in this report. aaaaaa