Japanese investors diving into New York office property

Japanese investors diving into New York office property

TOKYO -- Mori Trust and other Japanese investors are diving into U.S. commercial real estate, spending huge sums despite the weak yen.
 
   Experts say the purchases suggest a renewed Japanese taste for big deals as investors seek alternatives to their low-yielding home market.

In June, Mori Trust bought a 49.9% stake in 245 Park Avenue, a 45-story commercial tower, from SL Green Realty for roughly 100 billion yen ($685 million). The deal grabbed the attention of market players due to its size and the property involved -- a full-block building next to Grand Central Terminal.