Keppel REIT K71U has secured a new renewable energy solutions tenant at KR Ginza II, formerly known as Ginza 2-chome, in Japan.
The new renewable energy solutions tenant will occupy three floors, spanning approximately 14,100 sq ft, announced the REIT’s manager on July 31. With this, the building’s committed occupancy has increased from 36.3% to nearly 75%.
KR Ginza II is a freehold boutique office building in Tokyo’s prime Ginza District, which was acquired by Keppel REIT in November 2022. KR Ginza II is currently anchored by Netyear Group Corporation, a subsidiary of NTT Data Corporation.
Completed in 2008, KR Ginza II comprises eight storeys and offers a total net lettable area of about 37,000 sq ft with a retail unit on the ground floor. The building is located within the Chuo ward, one of Tokyo’s core five wards and home to major Japanese corporations, the Bank of Japan and the Tokyo Stock Exchange.
The REIT manager says vacancy rates are “trending towards the tight levels seen pre-pandemic”, with pre-leasing for office buildings “largely encouraging”. “The manager is confident that with its proactive leasing efforts, KR Ginza II will continue attracting companies looking for quality office spaces in Tokyo.”
See also: Keppel REIT enters into the Tokyo office market with acquisition of Ginza office building
Keppel REIT acquired the office building with a purchase consideration of 8.83 billion yen ($83 million) for its 98.47% effective interest.
Units in Keppel REIT closed 0.5 cents higher, or 0.55% up, at 91 cents on July 31.
Photos: Keppel REIT
