Acquired 305 East 46th Street, a 16 floor office building in NY midtown
Shimizu acquires a rental office building in New York
The first step in the expansion of the overseas real estate development business
The Investment and Development Division of Shimizu Corporation recently acquired the ownership of Albano Building, a rental property located in Manhattan, New York, as part of their overseas development activities. The acquisition of the property was completed through the local subsidiary responsible for real estate investment in the United States, Shimizu Realty Development (U.S.A) Inc. The investment amount was approximately ¥16.5 billion (US$152 million).
The property is a rental office building with 16 floors above ground and a floor space of approximately 17,300 square meters. It is located in the Midtown area of Manhattan. With many office and high-end high rise residential buildings in the surrounding area. In addition, it is within walking distance of Grand Central. Currently, all floors are under long term leases and generating stable rental income.
In the “Mid-term Management Plan〈2019-2023〉formulated in May of 2020, Shimizu positioned the real estate development business as a priority area for investment. Shimizu plans to expand investment not only in Japan, but also overseas with a focus on North America and Southeast Asia. This acquisition in New York is the first example of the expansion plan.
Shimizu will continue real estate investment in North America as part of its plan to diversify its real estate development business revenue base.
- Albano Building
- 305 East 46th Street, New York,NY10022,USA
- 16 floors above ground, 1 basement level
- 1928（refurbished in 2007）
- Site Area
- 10,081 sqf
- Lease Area
- 187,060 sqf
- 1st～16th floor：Office Space
- Purchase Date
- November 14, 2019
- Previous Owner
- Vanbarton Group（Real estate investment company headquartered in New York City, USA）