The Rockefeller Group is to buy a majority interest in investment manager TA Realty.
Rockefeller, a subsidiary of Mitsubishi Estate, said the majority interest in the Boston-based company would be used as its main platform in the US.
Privately held TA Realty, which has $12bn (€9.4bn) in assets under management, will continue to focus on core and value-added real estate.
The deal is scheduled to close by year-end.
The acquisition will give Rockefeller a global investment management platform with $32bn in assets under management.
TA Realty, which invests on behalf of US and non-US institutional investors, currently manages four active, value-added funds, as well as separate accounts comprising more than 77.2m sqft of commercial real estate and 14,600 residential units in 35 US markets.
Atsushi Nakajima, president and chief executive at The Rockefeller Group, said TA Realty’s “long tenure and industry experience” was a “strong cultural fit”.
Rockefeller became a strategic investor in European property fund manager Europa Capital in 2010, closing its first US property fund last year.
The fund is now fully invested.
The combined AUM for The Rockefeller Group’s existing investment management platform – including Rockefeller Group US Premier Office Fund, separate accounts and Europa Capital – comes to approximately $4bn.
Mitsubishi Estate, meanwhile, manages around $16bn through Japan Real Estate Asset Management, the manager of the listed J-REIT Japan Real Estate Investment Corporation, as well as Mitsubishi Jisho Investment Advisors.