BGO Sells Tokyo Office Building for $628 Million to Condo Seller

Canada’s BGO sold a large office building in central Tokyo at a profit to a local condominium developer that aims to convert the property to luxury apartments, tapping demand from wealthy home buyers.

The Tokyo-based developer Goldcrest Co. spent about ¥100 billion ($628 million) to acquire Pasona Square in the capital’s fashion boutique-filled neighborhood of Aoyama. The 18-story building was originally the headquarters for the Japanese entertainment production company Avex Inc., which sold the property to BGO in 2021 for around ¥70 billion.