• Acquired off-market from a subsidiary of a major Japanese trust bank.
  • Located in Osaka on the corner of two main streets and directly connected to the primary metro station in the prestigious Honmachi office market.
  • The entire building was leased to Itochu Corporation, a major Japanese trading firm, who was considering relocation.

Strengths / Highlights

  • Based on detailed research and knowledge of Itochu’s real estate requirements, APL concluded that Itochu had no choice but to remain as a tenant in the building.
  • APL completed an extensive renovation, including common areas and elevators.
  • Itochu agreed to a new three year lease at above-market rent for 10 of the 13 floors, in exchange for vacating the remaining three floors, which were then successfully leased out to other tenants, stabilizing the cash flow.
  • The prime location and high-quality construction were attractive to institutional investors.
  • The asset was sold to a major foreign financial institution in February 2007.

Acquisition / Disposition Date

February 2002 / February 2007


Osaka, Japan

Property Type


Property Size

30,864 sqm