World’s largest wooden hybrid building to be built in Marunouchi
On August 1, Tokio Marine Holdings released details on the Renzo Piano-designed replacement office tower for their headquarters in Tokyo’s Marunouchi district. It is said to become the world’s largest wooden hybrid building when it’s complete in 2028.
Bidding closes on Otemachi Place
Bidding ended for office space in Otemachi Place on July 7, with a little over 10 domestic and foreign buyers expressing interest. The floor space on offer is in the East Tower and the seller is the Ministry of Finance (MOF).
Interested buyers had until July 7 to submit their proposal, which required disclosing information in the event of joint buyers, and an after-purchase management and operation plan.
Shibuya Upper West Project Details Released
On July 21, Tokyu Corporation and L Catterton Real Estate (a US-based investment company) released details of their planned redevelopment of the Tokyu Department Store in Shibuya. The joint venture will see a 164.8-meter tall mixed-use high-rise containing retail, a small luxury hotel, and high-grade rental apartments.
H&M to close landmark Harajuku Store
Apparel brand H&M will permanently close the Harajuku store alongside Meiji Street on August 2, as the lease comes to an end.
Tokyo office rents decline for 23rd month
Tokyo’s office vacancy rate for the month of June reached 6.39%, a 0.02 point increase from the previous month and a 0.2 point increase from June 2021. It is still below the peak of 6.47% seen last October.
Redevelopment committee formed for Toranomon high-rise
On June 24, the Tokyo Governor approved the formation of the redevelopment committee for the Toranomon 1 Chome East District Project. This will see a 180-meter tall office tower built just in front of Toranomon Station.
Shibuya Marui department store to be rebuilt with wood
On May 27, Marui Group announced that the Shibuya Marui department store will temporarily close its doors on August 28 while the 51-year old building undergoes redevelopment.