Morgan Stanley is planning to move its Japan operations to Tokyo's Otemachi business district because rents are "attractive," according to a recently obtained memo.
The New York-based company may shift from Tokyo's Ebisu district to Otemachi Financial City building in a move to be completed by early 2014, according to the memo.
Mika Watanabe, a Tokyo-based spokeswoman for Morgan Stanley, confirmed the memo but declined to elaborate on the rents because negotiations are ongoing.
Morgan Stanley, which has about 1,000 employees in Japan, is taking advantage of lower office rents as the vacancy rate in Tokyo is near a record high.