A consortium led by KKR and Japan’s Hulic has submitted a bid to acquire the Shiodome City Center, a 43-story Tokyo skyscraper owned by Singapore’s sovereign wealth fund GIC, according to a Bloomberg report. The bid, valued at approximately USD2bn, could mark one of Japan’s most expensive office building transactions. KJR Management, KKR’s Japanese real estate unit, and Hulic were the sole bidders for the property, though additional capital partners may join. GIC began marketing the property in mid-2023, but faced delays due to tenant changes. Japan’s commercial real estate market remains stable, with Tokyo’s office market benefiting from low vacancy rates and investor interest driven by a weak yen and low borrowing costs.