Dentsu Group has entered into a definitive agreement to sell its Japanese headquarters building in Tokyo with an expected transfer date of Sept. 30.
The buyer is a special purpose Japanese investment company.
The holding company said it will realize a gain on the sale of approximately $808 million, which will be reported in its full-year 2021 financial results.
Dentsu has also negotiated an 11-year lease to remain in the building where it will consolidate at least 20 Dentsu agencies. The building will effectively serve as the main campus for the Dentsu Japan Network. The start date of the lease is also Sept. 30.
The sale is part of a broader review of business operations begun last year designed to permanently lower operating costs, among other goals. That review is ongoing and may result in the sale of other non-strategic assets, the company said.