Earlier this year, Dentsu declined to comment on reports that it was considering selling its iconic headquarters building in Tokyo.
But after agreeing to sell several other properties — those transfers are expected at the end of April — the company is now confirming that a sale of its HQ building is under consideration, as part of an ongoing transformation plan.
The company said it would realize a gain on the sale of the two properties — one in Tokyo, the other in Kamakura City — of approximately $273 million.
“The Group continues a comprehensive review to accelerate the transformation of the company, including the review of all non-trading assets, such as Dentsu Headquarters building,” Dentsu said.
The real-estate portion of the review isn’t a big surprise, as many large companies in Adland and elsewhere are trimming their portfolios in preparation for a post-pandemic era that includes far more work-from-home time for many employees. They may only work at the office a few days a week.
Dentsu’s Tokyo headquarters building has been largely vacant since last spring, when most of the 9,000 employees who worked there began working from home, due to the pandemic. Since then, just a small percentage has returned.