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November 06, 2019  

Toyko Shop Enters NY Office Market

In its first purchase in Manhattan, Shimizu Corp. has agreed to buy an office building from Vanbarton Group for nearly $150 million.The 187,000-square-foot Albano Building, at 305 East 46th Street, is fully leased to the United Nations through 2027.Tokyo-based Shimizu will reap an initial annual yield of nearly 5% at the roughly $800/sf valuation. The purchase is expected to close soon. Eastdil Secured is representing New York-based...

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