Commercial RE, a Japanese real estate management company whose largest stakeholder is Goldman Sachs Group, filed for bankruptcy protection today.

The Tokyo-based developer has had to sell assets at a cheaper price, hurting its income as Japan’s real estate market deteriorated following the subprime mortgage crisis, the company said in a release to the Tokyo Stock Exchange. Commercial RE had liabilities of 15bn yen ($159.7m) as at the end of March, according to the statement.