I'll Take Manhattan - and Waikiki

Japanese investors learn to love American real estate

Exxon, ABC and Tiffany have more in common than famous names and slick midtown-Manhattan addresses. All have Japanese landlords. Within the past six months, investors from Japan have bought the headquarters buildings of the three firms. In a new twist on the protectionist slogan "Buy American," Japanese firms are literally buying America, or at least choice pieces of it, from New York City high-rises to beachfront hotels in Hawaii. Eager as customers at a close-out sale, these investors from the Far East snapped up as much as $6 billion worth of U.S. real estate last year, more than four times the...

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