July 2, 2003
Tiffany Buys Tokyo Flagship's Building
Tiffany & Co.'s Japanese subsidiary purchased the land and building housing its flagship store in Tokyo's Ginza shopping district. This purchase completes the acquisition of Tiffany's three flagship store buildings in New York City, London and Tokyo. The purchase price was 16.5 billion yen (approximately $140 million) plus transaction fees.
The 61,000-sq.-ft., nine-story building directly on the Ginza houses retail, restaurant and office tenants. The Tiffany store occupies approximately 12,000 square feet on the street level, second and third floors.
"Japan represents Tiffany's largest international market, and the Ginza flagship store makes a meaningful contribution to our sales results," says Michael J. Kowalski, chairman and CEO. "We are pleased that our strong balance sheet allowed us to move quickly to seize this unique opportunity and eliminate uncertainties concerning continued occupancy and rental rates."
Tiffany opened the store in 1996 and expanded it in 1999.
by Michael Thompson