Japanese investors buy New York office property despite risks

TOKYO — Mori Trust, a Japanese real estate developer, is a relative newcomer to the U.S. market. But when it arrived, it did so with a splash. A willingness to take risks has become a hallmark of its chief executive, Miwako Date.

In June, Mori Trust bought a 49.9% stake in 245 Park Avenue, a 45-story commercial tower, from SL Green Realty for roughly 100 billion yen ($685 million). The deal grabbed the attention of market players due to its size and the property involved — a full-block building next to Grand Central Terminal.