GIC buys Tokyo property for $1b

Singapore’s GIC will buy Meguro Gajoen, an office building located in Tokyo, for $1.3 billion, or $751 per square foot. The seller is Lone Star Funds.

The property comprises an office tower, hotel and banquet hall. Tenants include Amazon, Merck and Walt Disney Co.

The property was built in 1935 and known as the Showa Era’s “Palace of the Dragon God.” Meguro Gajoen was the first wedding complex to be built in Japan. It houses the Hyakudan Kaidan, a 100-step staircase.

The purchase follows another transaction by Singapore’s sovereign wealth fund in New York City. With its joint venture partners Abu Dhabi Investment Authority and Related Cos., GIC paid