Daiwa Securities Office Investment Corp. Acquires Two Office Properties in Minato and Shibuya, Sells Azabudai Asset

Daiwa Securities Office Investment Corp. will acquire two properties—Hamamatsucho PREX in Minato Ward and Prime Sendagaya Building in Shibuya Ward—on March 27 and March 31, 2026. The combined acquisition price is JPY 26.55 billion. At the same time, it will sell Daiwa Azabudai Building in Azabudai, Minato Ward, which is approaching 40 years of age, for JPY 2.24 billion. The transaction is intended to strengthen the portfolio through asset replacement.

Hamamatsucho PREX is a recently completed building delivered in 2023, located a six-minute walk from JR Hamamatsucho Station. The 11-story property has a gross floor area of approximately 737 tsubo (approx. 26,225 sq. ft.) and typical floor plates of about 69 tsubo (approx. 2,455 sq. ft.) for leasable space, with a ceiling height of 2,700 mm, raised floors and individual air-conditioning. The office space is configured as three types of setup offices, accommodating a variety of tenant workstyles. The property also offers extensive amenities, including a shared lounge on the ground floor and a rooftop terrace. Its appraised value is JPY 7.3 billion, and occupancy is 100%.

Prime Sendagaya Building was completed in 2009 and is located a six-minute walk from JR Sendagaya Station and a five-minute walk from Tokyo Metro Kita-Sando Station. The eight-story building has a gross floor area of approximately 2,324 tsubo (approx. 82,695 sq. ft.) and typical floor plates of about 247 tsubo (approx. 8,789 sq. ft.), with a ceiling height of 2,800 mm. Situated between Shinjuku and Shibuya, the area continues to see solid demand from apparel manufacturers and fashion-related companies. However, office stock in the area consists mainly of small- and mid-sized buildings, making a mid-sized, high-specification asset such as this one relatively scarce. Its appraised value is JPY 20.6 billion, and occupancy is 90.6%.

Acquired Property

• Buyer:

  Daiwa Securities Office Investment Corp.

• Seller:

  Undisclosed

• Property Name: Hamamatsucho PREX

  • Acquisition Price:

    JPY 7.15 billion

  • Appraised Value:

    JPY 7.3 billion

  • Appraisal NOI Yield:

    3.6%

  • Location:

    2-2-12 Shiba, Minato-ku, Tokyo

  • Access:

    6-minute walk from JR Yamanote Line and Keihin-Tohoku Line Hamamatsucho Station; 7-minute walk from Toei Oedo Line and Asakusa Line Daimon Station

  • Completion:

    January 2023

  • Number of Floors:

    11F

  • Structure:

    Steel

  • Gross Floor Area:

    Approx. 737 tsubo (approx. 26,225 sq. ft.)

  • Typical Floor Area:

    Approx. 69 tsubo (approx. 2,455 sq. ft.)

  • Ceiling Height:

    2,700 mm (typical floor)

  • Occupancy:

    100%

• Property Name: Prime Sendagaya Building

  • Acquisition Price:

    JPY 19.4 billion

  • Appraised Value:

    JPY 20.6 billion

  • Appraisal NOI Yield:

    3.6%

  • Location:

    4-23-5 Sendagaya, Shibuya-ku, Tokyo

  • Access:

    6-minute walk from JR Chuo-Sobu Line Sendagaya Station; 5-minute walk from Tokyo Metro Fukutoshin Line Kita-Sando Station

  • Completion:

    May 2009

  • Number of Floors:

    8F

  • Structure:

    Steel

  • Gross Floor Area:

    Approx. 2,324 tsubo (approx. 82,695 sq. ft.)

  • Typical Floor Area:

    Approx. 247 tsubo (approx. 8,789 sq. ft.)

  • Ceiling Height:

    2,800 mm (typical floor)

  • Occupancy:

    90.6%

Disposed Property

• Seller:

  Daiwa Securities Office Investment Corp.

• Buyer:

  Undisclosed

• Property Name: Daiwa Azabudai Building

  • Disposition Price:

    JPY 2.24 billion

  • Appraised Value:

    JPY 1.89 billion

  • Location:

    2-3-3 Azabudai, Minato-ku, Tokyo

  • Completion:

    April 1984

  • Number of Floors:

    9F / B2

  • Structure:

    Steel-reinforced concrete

  • Gross Floor Area:

    Approx. 635 tsubo (approx. 22,595 sq. ft.)

  • Occupancy:

    92.9%