Northwest Airlines has rejected a $200-million offer...

Northwest Airlines has rejected a $200-million offer from Japanese real estate developers to sell land it owns in Tokyo, although officials declined to discuss details of the offer from Koshin Corp. But in a letter to the U.S. real estate agent for Koshin, Northwest Vice Chairman James A. Abbott said the airline believes that the land is worth more than was offered and said it “has been retained for possible further development by us in connection with our business in Japan.” KOAR Inc., a Los Angeles-based real estate firm, is representing Koshin.