PGIM Real Estate Sells Toyobo Building in Osaka
Posted on 10/23/2020
PGIM Real Estate, a unit of Prudential Financial, Inc., has sold Toyobo Building, a 12-story high-rise office building located in Osaka, Japan, on behalf of its investors. PGIM Real Estate acquired the property in October 2017 from Toyobo Corporation, and implemented a capital improvement program to modernize the 40-year-old building. At the time of its acquisition, PGIM Real Estate signed a long-term lease with Toyobo Corporation to remain in approximately 60% of the building, with the remaining space leased to third-party tenants. Toyobo Building is located in close proximity to Osaka Station, making it an ideal location for national or regional headquarters for corporations spanning a diverse sector profile.