Hines, the international real estate firm, has acquired the New Stage Yokohama building in the Yokohama submarket in the Greater Tokyo area.
The asset was purchased off-market on behalf of the firm’s flagship fund, Hines Asia Property Partners (HAPP), and is HAPP’s first acquisition in Japan.
Built in 1993, New Stage Yokohama is a 17-story tower, providing over 500,000 square feet of office space.
The building features expansive indoor and outdoor common areas, a large tenant dining area, an atrium-style lobby, a tenant sky lounge, and large column-free floor plates.
The existing tenancy includes a diversified group of high-quality tenants from real estate, technology, R&D, automotive and financial services sectors.
A significant renovation effort is underway to revitalize the building to appeal to both traditional and R&D users. Details of the renovation plans will be announced at a later date after consultation with the existing tenants and the City of Yokohama. Renovations are expected to commence in Q1 of 2022 with completion by mid-2023.
