(Corrects name of building in paragraph 3 to Kokusai Akasaka,
not Akasaka Kokusai)
By Junko Fujita
TOKYO, March 28 Japan's Sekisui House Ltd
is buying an office tower in central Tokyo for 74
billion yen ($720 million), as property prices rise to levels
that allow lenders to recoup losses from a bust that followed
the global financial crisis.
With this deal, expected to close by Monday, Tokyo's prime
commercial property market is finally putting behind it an
ill-fated series of highly leveraged investments that failed
spectacularly when a 2006-2007 real estate boom went bust in the
wake of the Lehman Brothers bankruptcy.
The Osaka-based home builder has agreed to buy the
20-storey, 41-year-old Kokusai Akasaka Building in an upscale
commercial and business district, according to four people
briefed on the deal.
The value of the property had cratered after it was bought
in 2006 by aggressive property investor K.K. daVinci Holdings
for about 100 billion yen, almost entirely financed by debt.
(Reporting by Junko Fujita; Editing by William Mallard and