Japan's Dentsu considering sale of HQ building, said to be worth US$2.9b

[TOKYO] Japanese advertising giant Dentsu Group said on Wednesday it is considering the sale of its Tokyo headquarters, which local media said could fetch around US$2.9 billion.

The Nikkei business daily earlier reported that Dentsu may sell its 48-story building in the central district of Shiodome, near Ginza, and then rent back about half of the space. It currently uses about 70 per cent of the building, the report said.

Dentsu said in a statement it was considering the sale as part of a comprehensive business review announced in August, but that a decision had not yet been made.

Tokyo has some of the most expensive land prices in the world, but with more people working from home amid the Covid-19 pandemic, some firms are rethinking their real estate holdings.

Financial services firm Nomura Holdings and technology company Fujitsu are among companies that have said they will make give employees options to continue working from home beyond the coronavirus pandemic.

REUTERS

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