Omotesando low-rise rumored to sell for 25 billion Yen – JAPAN PROPERTY CENTRAL K.K.

Last week the Nikkei Real Estate Market Report announced that the rumored sale price of the Forest Hills retail and office building in Omotesando was 25 billion Yen (approx. US$165 million).

Back in April, the buyer, Rinnai Corporation, announced the acquisition for an undisclosed price. The gas appliance manufacturer plans to open a large showroom and customer experience center within the building.

Forest Hills was built in 1992 as an office / retail tenant complex comprised of two buildings – East and West. The combined GFA is 5,551 m2 (59,700 sq.ft) and the lot size is 1,843 m2. The property is a 6-minute walk from Omotesando Station and located in a low-rise neighborhood with apartments and stores.

The sale price works out to be approximately 4.5 million Yen per square meter (US$2,765/sq.ft) based on the GFA. In early 2021, another low-rise retail building down the street sold for 7.21 billion Yen, or around 3.7 million Yen per square meter based on the lettable area.


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