Dentsu looking to sell headquarters building for ¥300 bil

Japanese advertising giant Dentsu Group Inc is considering selling its 48-story headquarters building in Tokyo for some 300 billion yen ($2.9 billion), which would make it the highest-priced building to be sold in Japan, sources close to the matter said Wednesday.

And use the money to pay back the public for defrauding them in Olympic and pandemic relief schemes?

One can only dream...

Why sell the building? Why not rent out the unused space and get a continuous income? Several new office skyscrapers are planned for west Shinjuku, but are they really necessary? I don't think that we'll ever go back to the office model of working.

Don't be surprised if the government buys it to assist such a strategically important sector.

This is big news. I expect other companies to follow suit.

Knock it down. An eyesore

 I don't think that we'll ever go back to the office model of working.

In Japan, most never left this model.

Putting aside the many reasons to dislike this company and the advertising sector as a whole, this is an interesting development regarding commercial real estate in Tokyo and the wider economy.

Densetsu.

By far, The Worst company in Japan.

I don't think that we'll ever go back to the office model of working..

Ohh we will go back, only that the office buildings/work area will not be owned but rented..different types of office rental business will now mushroom.

Very hard to power harass when the victim is not trapped in a conference room with the harasser.

@Euro Dude

Densetsu

Dude, Dentsu and Densetsu are two different words.

God, that building looks mighty thin from this angle!

Why sell and not rent out? Given Dentsu’s reputation imagine the potential for side deals and the envelope sales sector.

Dentsu has already sold the building or they would not announce it.

Avex is doing the same but we will soon run out of buyers. Even Sumitomo, Mitsui, Mitsubishi collect only that many empty buildings and no more

Very hard to power harass when the victim is not trapped in a conference room with the harasser.

When the expression "power harassment" first broke, some of the people interviewed as victims were freelance content producers. The following report says 2 in 3 freelancers have experienced it. If freelancers are getting it, actual employees who are teleworking will probably get it worse.

https://news.yahoo.co.jp/byline/iijimayuko/20190910-00142072/

China: It is a free real estate!

The West: It is mine now!

God, that building looks mighty thin from this angle!

It's triangular. It looks like this in real life also. It's actually a stunning building.

@Asakaze

Typo due to autocorrect on the phone.

It's actually a stunning building.

In a crappy location, though. Sure, it's handy for those oh-so-important ministries and Ginza, but Marunouchi would have been far classier, and at a Shinkansen stop.

Prestige companies choose stand-alone trophy buildings but forget employees' last half mile.

The company also aims to reduce its assets and generate cash to ride out the pandemic-hit sales, according to the sources. The company also plans to downsize the headquarters office and keep it unmoved by renting some floors of the building from a new owner.

Maybe this is a signal that the Olympics and the concomitant gravy train will be canceled. So sorry for Dentsu.

@gokai_wo_maneku

Why sell the building? Why not rent out the unused space and get a continuous income? Several new office skyscrapers are planned for west Shinjuku, but are they really necessary? I don't think that we'll ever go back to the office model of working.

I think you answered your own question. There will be on oversupply of office space in the future. This would reduce sale value of the buildings make finding tenants harder and put downward pressure on rents. If that plays out, it's better to sell now and become a renter.