Japanese Shimizu Corporation has acquired Albano Building, an office property located in Manhattan, New York from Vanbarton Group, the real estate investment company headquartered in New York City for $152 million.
The acquisition of the property was completed by Shimizu Realty Development (U.S.A) Inc which is established for real estate investment in the United States.
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.
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.
Shimizu Corp. plans to expand investment not only in Japan, but also overseas with a focus on North America and Southeast Asia.