Mitsubishi’s 10-year, 700 billion Yen transformation of Marunouchi

One of Japan’s largest property companies is in the process of developing 600 ~ 700 billion Yen (approx. US$5.5 ~ 6.5 billion) in projects around the Marunouchi and Otemachi districts.

Mitsubishi Estate, a major landholder in the prime commercial area that runs between Tokyo Station and the Imperial Palace, has five or six projects in the pipeline for this area over the next ten years. These buildings will bring 11 ~ 13 million sqm (118 ~ 140 million sq.ft) in new office space.

Marunouchi 1-3 Project (2020)

A 139-meter, 29-story office tower, and 56-meter, 10-story annex building with a total floor area of 181,000 sqm. Construction is scheduled to be completed by September 2020.

Otemachi Building Refurbishment (2021)

The retrofit and refurbishment of the 62-year old Otemachi Building. Rather than demolish the 9-story building, Mitsubishi decided to give the existing structure a complete overhaul. The building has a maximum floor plate of over 7,000 sqm, making it one of the largest in Otemachi.

Tokiwabashi Project Tower A (2021)

A 212-meter, 40-story office tower with a total floor area of 146,000 sqm. Completion is scheduled for June 2021.

Uchikanda 1 Chome Project (2025)

A 130-meter, 26-story office tower with a total floor area of 84,500 sqm. Construction is scheduled to start in 2022 with completion in 2025.

Tokiwabashi Project Tower B (2027)

The final and most impressive phase of the Tokiwabashi Project is this 390-meter tall, 61-story skyscraper. The total building size will be 490,000 sqm. When complete, it will become the tallest building in Japan.

Yurakucho Redevelopment Project

This project is still in the early stages and details are scarce. The redevelopment site includes seven buildings owned by Mitsubishi, the majority of which were built in the 1960s. The project could start sometime around 2022 ~ 2024.

Mitsubishi began its latest wave of redevelopment in Marunouchi and Otemachi in 1998. Since then, the developer has built 13 high-rise office towers, boosting the total office space operated by Mitsubishi by almost 70% to 2.92 million sqm.

In the 1960s, city blocks in this district were designed to favor traffic, with 6-meter wide pedestrian footpaths and 9-meter wide streets. This has since changed to widen footpaths to 7 meters and shrink streets to 7 meters. Trees have also been planted to create a more pedestrian-friendly atmosphere.

Retail has also picked up, with 880 retail shops in buildings owned by Mitsubishi as of 2018, up from 280 shops in 1998. As a result, weekend visitors to the district have more than tripled since 2002 to a daily average of 63,000.

Source: Mitsubishi Estate News Release, January 24, 2020.

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