Mitsubishi to redevelop two 60s-era office buildings

Mitsubishi Jisho will be redeveloping two old office buildings in Yurakucho, Tokyo, in order to meet growing tenant needs and to work towards a decarbonized society.

The Yurakucho Building was built in 1966. It has 11 floors, 5 basements, and a total building area of 42,000 sqm. The site was originally the Subaru-za and Orion-za movie theatres, both built in 1946. The Subaru theatre was destroyed by a fire in 1953, and the Orion theatre closed in 1956. The Mainichi Shimbun purchased the land and later sold it to Mitsubishi Jisho in 1964. The site originally had a building height limit of 9 floors due to the narrow roads on the north and south side, and slant plane regulations under the Building Standards Act. However, the introduction of floor-area ratios under a revision to the Act in 1963 allowed an 11-story building in its place. This revision led to a development boom in the capital. One that created an oversupply of office space in the quick recession in 1965. Only a third of the office space was taken up upon opening. It would take a little over a year to achieve 70% occupancy.

Shin Yurakucho Building (former Shin Yurakucho Kokusai Building) sits on a block that was previously home to the Mainichi Newspaper Tokyo Headquarters (c1917, 1922, and 1938), the Marunouchi Nikkatsu Theatre (c1954), and the Agricultural Coop Hall (c1939). Mitsubishi purchased the 10-year old Nikkatsu theater building in 1964, demolished it, and replaced it with the first stage of the Shin Yurakucho Building in 1967. In 1965, they acquired the Agricultural Coop Hall and Mainichi properties and began stage two, completing it in 1969. Main tenants over the years have included JP Morgan, Mellon National, United California Bank, Dresdner Bank, Alfred Dunhill, Georg Jensen, and Sinar. It has 14 floors, 4 basements, and a total building area of 83,000 sqm. 

Mitsubishi is spending between 600 ~ 700 billion Yen (approx. US$5.4 ~ 6.4 billion) to transform the Marunouchi district by 2030.

Source: Mitsubishi Jisho News Release, July 28, 2021.

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