Baker McKenzie (Gaikokuho Joint Enterprise)’s team is proficient in handling cross-border transactions, with a particular specialism in foreign investment into Japan. The practice provides ‘excellent’ advice to international clients on inbound acquisitions, disposals, sale and leasing of assets. Practice head Seishi Ikeda is known for having longstanding experience in advising on both cross-border and domestic real estate acquisitions, dispositions, developments and financings, while Taijiro Suzuki specialises in real estate securitisation matters. The hotel and resort industries remain key areas of focus for the group, with Chris Hodgens regularly advising on hotel management, lease and franchise projects in Japan and overseas, and Maki Kawamura handling retail and resort projects. Regularly advising foreign clients carrying out construction work in the Japanese market, Ean Mac Pherson, head of the projects team, frequently assists EPC contractors and project developers on the construction of renewable energy, aquaculture and conventional power projects. Associate Hojung Jun has vast expertise in construction, advising Japanese and international clients on overseas construction projects. Samir Desai is noted for advising on global data storage infrastructure projects. Masahiro Tanabe left the team in January 2023.

Housing a strong and ‘knowledgeable’ team, Clifford Chance (Gaikokuho Kyodo Jigyo) is well-positioned to advise foreign clients investing in the Japanese market, and has experienced growth in data centre and logistics related matters, in addition to mandates concerning assets from the hotel and hospitality industries. The group also advises on a number of significant infrastructure transactions and projects within the construction space. Eiichi Kanda, who co-leads the practice, specialises in asset management, joint venture and securitisation issues. The team also assists with asset acquisitions and divestments and private equity transactions, and Leng-Fong Lai advises sponsors and financiers on real estate investment and financing transactions, including mezzanine and hybrid financing. Practice co-head Yoshiaki Shimizu, who specialises in real estate finance, investment and development, was promoted to partner in May 2023, and Natsuko Sugihara specialises in handling private equity and M&A transactions. Hans Menski contributes his expertise in projects, with particular emphasis on the development and financing of power, infrastructure, and oil and gas projects.

Co-led and founded by Joel Rothstein, Greenberg Traurig Tokyo Law Offices advises on a whole host of inbound and outbound investments, and multi-jurisdictional loans within the sector. The group has handled a growing number of mandates relating to data centres and logistics, and hospitality industry related issues, whilst also advising on a broad range of transactions involving multi-family housing. Rothstein heads the firm’s wider Asia real estate practice, allowing the Tokyo team to handle real estate transactions not only in Japan, but on a global scale. Practice co-head Mori Inada has a wealth of experience in assisting international investors, including private equity funds, asset managers and financial institutions. Yuko Ino joined the firm from Orrick, Herrington & Sutcliffe LLP in June 2023, contributing her expertise in advising real estate investors, developers, and asset managers.

Herbert Smith Freehills LLP‘ construction team advises clients on the full spectrum of construction and infrastructure matters. The practice assists clients with the mitigation and resolution of construction and infrastructure disputes, as well as the drafting and negotiation of construction and engineering contracts. Practice head Elaine Wong relocated to Tokyo from Singapore in January 2023, representing Japanese corporates in international arbitrations arising from EPC projects. As head of the firm’s dispute resolution practice, David Gilmore is noted for his longstanding experience in acting in international arbitrations. Senior associate Michael McErlaine represents both Japanese and international clients in international arbitrations, with a strong focus on EPC disputes. The team’s expertise spans various sectors; Andrew Blacoe is head of the firm’s energy, infrastructure and mining practice, expanding the team’s capabilities beyond the construction industry to a range of energy projects, such as power and process plants, renewables and gas infrastructure. James Allsop relocated to the Australian office in January 2023 to co-lead the firm’s Asia Arbitration Hub.

Morrison Foerster’s practice, co-led by Theodore Seltzer and the 'top tier' Masahiro Shiga, is part of the firm's pan-Asian network, exhibiting 'very deep' bench strength when advising domestic and overseas real estate companies.  Junichi Kurokoshi advises real estate developers and operators. Advising on fund formation, project acquisition, and financings, Narutake Takasu focuses on sale and leasing transactions and investment in distressed debt. Joshua Isenberg 'works seamlessly' across different sector, advising on a variety of real estate transactions, including senior and mezzanine financings, as well as construction and development matters. Christopher Spalding, who specialises in non-recourse financings within the real estate sector, was promoted to partner in January 2023.

Since Mitsuharu Kataoka established DLA Piper Tokyo Partnership Gaikokuho Kyodojigyo Horitsu Jimusho’s real estate practice in 2018, the 'responsive, knowledgeable, and savvy' team exhibits strong inbound and outbound capabilities. The team handles a range of design and construction agreements, and construction business licenses, advising both Japanese clients operating overseas, and international clients involved in transactions within the Japanese real estate market. Kataoka is praised by clients for his 'deep' understanding of industry, particularly in relation to acquisitions and disposals, securitisations, leasing, and real estate finance. Associate Manato Yamamoto advises on tax and financial regulatory matters related to real estate transactions, and associates Shingo Okada and Mayuko Fujita handle corporate matters within the real estate sector.

White & Case LLP - White & Case Law Offices (Registered Association) houses a broad team which advises a broad range of real estate clients, including developers, investors, lenders and J-REITS. The team regularly handles both inbound and outbound transactions, assisting domestic and foreign clients on mandates across Japan and overseas as a result. Practice head Mizuho Yamada has vast experience in advising on significant data centre projects across Japan. Real estate expert Ayako Kawano is noted for her longstanding experience in fund formation issues, acquisitions and dispositions and financing deals.

The team at Withers Japan, Zeirishi Houjin is jointly led by Gerald Fujii, Naoki Ueyama, Steven Wheeler and Toshihiko Tsuchiya, with its broad expertise spaning the full spectrum of real estate issues, from acquisitions and disposals, to sales, leases, and financings. The group regularly assists Japanese clients with cross-border transactions, and international clients with their investments into Japan. Fujii is noted for his longstanding experience in advising real estate investment funds, lenders and REITs, while Ueyama has a wealth of experience in advising on structured and acquisition financing mandates. Tsuchiya has vast knowledge of securitization and liquidation issues, including TMK schemes. Wheeler primarily focuses on property related M&A, advising clients on the corporate and commercial aspects of real estate matters.

Jones Day’s real estate team maintains its stellar reputation for handling outbound matters and real estate disputes, whilst advising Japanese clients on cross-border transactions across the US, Europe and Southeast Asia. The group also acts for a diverse international client base of foreign banks in real estate financing mandates, in addition to assisting foreign real estate funds with entry the Japanese market via TMK and GK/TK schemes. In addition to downstream real estate transactions, practice head Katsumi Shirai focuses on the real estate aspects of renewable energy projects, including solar power generation.