Asia Society 12d ago

LOS ANGELES, June 9, 2026 — PAG President and Co-Founder Jon-Paul Toppino and Tokyu Land US Corporation Head of Western US Real Estate Investments Ariel Mark compare how Japanese and American capital approach real estate investment across the two markets. Cox, Castle & Nicholson Partner Gregory Karns moderates. (40 min., 27 sec.) As part of Asia Society Southern California's U.S.-Japan Initiative Program IV, the discussion ranges from Japan's shift away from distressed assets toward private equity-style real estate transactions, to why Japanese capital increasingly views U.S. liquidity, legal transparency, and dollar appreciation as a draw. Toppino traces PAG's evolution from non-performing loan investing in the late 1990s to its current $60 billion firm, including a recent acquisition of Sapporo Holdings' real estate arm. Mark details Tokyu Land's approach to building a domesticated U.S. presence for Japanese and broader Asian capital, and the contrast between Japan's high-trust, relationship-driven market and the more transactional nature of U.S. real estate. The conversation also covers rising construction costs and near-zero office vacancy in central Tokyo, the economics of data center development in Japan versus Southeast Asia and India, and the geopolitical risks that could reshape both markets. Subscribe for more videos like this: http://AsiaSociety.org/YouTube --- Support Asia Society today: http://AsiaSociety.org/Donate --- Subscribe to our newsletter to stay connected: https://asiasociety.org/email-subscriptions --- Facebook: http://facebook.com/AsiaSociety Instagram: http://instagram.com/AsiaSociety Twitter: http://twitter.com/AsiaSociety LinkedIn: http://linkedin.com/company/asia-society/ #asiasociety #asiasocietysoutherncalifornia #usjapanrelations #japaneserealestate