MITSUBISHI DROPS ITS PIECE OF ROCK CENTER

"Rockefeller Center may not be the biggest financial real estate loss for the Japanese," says New York bureau chief John Moody. "But it's certainly the most embarrassing flop yet." Today, Mitsubishi Estate Co. announced it is surrendering its almost $2 billion stake in the12-building Rockefeller Center, and, in the process, divesting the Rockefeller family -- which owns 20 percent of the center -- of its remaining ties to the landmark. Mitsubishi will transfer title to Rockefeller Center Properties Inc., the trust that holds the $1.3 billion mortgage. The Mitsubishi decision is the latest of several ill-fated high profile real estate purchases by the Japanese, including the purchases of the Pebble Beach Golf Course in California, the MCA studios in Hollywood, and several commercial properties in Hawaii. "These investments are classic real estate micalculations," says Moody. "They bought high and had to sell low. This is something most homeowners try to avoid."