AMB: Only Moderate Damage in Japan
- Mar 22, 2011
March 22, 2011
By Allison Landa, News Editor
AMB Property Corp. said its Japanese holdings suffered only moderate damage in the earthquake and subsequent tsunami. Damage to all buildings with the exception of the one in Sendai was considered minimal and the buildings are fully operational, the company said.
The 420,000-square-foot building in Sendai experienced moderate non-structural damage, the company said, and repairs are already underway, with a fully operational plant expected in 30 days. In contrast to its previous estimate of $10 million in damage to its 10.6 million square feet of properties in Japan, the company now estimates damage between $4 million and $6 million, of which 40 percent is said to apply to its Japan Fund.
AMB is reopening its Tokyo office, which was closed due to transportation interruptions as well as uncertainty connected with nuclear concerns at the Fukushima Daiichi power plant.
According to AMB Asia managing director Michael Evans, no employees or customers were injured during the disaster. The company is contributing to the Red Cross International Response Fund for relief and recovery efforts.