• by Richard Whitman , Columnist, April 9, 2021

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.