Shimizu acquires a rental office building in New York, USA

~The first step in the expansion of the overseas real estate development business~

  • Global
  • Real Estate Development

November 18, 2019

The Investment and Development Division of Shimizu Corporation (President Kazuyuki Inoue) 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. There are many office and high end high rise residential buildings in the surrounding area. In addition, it is within walking distance of Grand Central Station and offers convenient transportation. 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 this year, 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.

≪For Reference≫

Property Description

Building Name Albano Building
Location 305 East 46thStreet, New York, NY 10022 USA
Dimensions 16 floors above ground, 1 basement level
Completed 1928(refurbished in 2007)
Site Area 1,936m2
Lease Area 17,377m2
Use 1st~16th floor: Office Space
Purchase Date November 14, 2019
Previous Owner Vanbarton Group
(Real estate investment company headquartered in New York City, USA)

Exterior View


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