Pembroke’s latest project in Roppongi

Try Seven Roppongi

Pembroke Real Estate Japan have started the construction of a 14-storey office building in located across the street from Tokyo Midtown in Roppongi 7 Chome. Try-Seven Roppongi is scheduled for completion in 2016. The exterior was designed by Jun Mitsui & Associates Architects.

A shrine and shrine office on an adjoining 876 sqm block of land will also be redeveloped in conjunction with Try-Seven.

This is the fourth development for Pembroke. In 2002 they developed Hikawa Gardens, a rental apartment building in Akasaka, and in 2010 they completed Azabu Gardens, a luxury expat rental building near Roppongi Hills.

Sources:
The Asahi Shimbun, October 28, 2014.
The Daily Engineering & Construction News, October 29, 2014.

by Zoe Ward

Mori Trust announces plans for high-rise office and hotel in Toranomon

Tokyo Toranomon 4 Chome Project 2

On October 23, Mori Trust announced plans for a 180m mixed-use building for the former Toranomon Pastoral building site in Toranomon 4 Chome.

The 36-storey building will contain a hotel, serviced apartments, office and retail space. Construction is scheduled to begin in 2015 with completion by 2018. The new building will be approximately 500 meters from the proposed new station along the Hibiya Line.Read more

by Zoe Ward

Hotel and office development for Tamachi Station area

Tamachi TGMM Shibaura Project

Tokyo Gas, Mitsui Fudosan and Mitsubishi Jisho announced plans for the redevelopment of a 2.8 hectare site behind Tamachi Station in Minato-ku.

The TGMM Shibaura Project will include:

  • Office Tower (A): 180m tall; 31 floors.
  • Office Tower (B): 185m tall; 36 floors.
  • Hotel: 65m tall; 9 floors.
  • Welfare Center: 35m tall; 6 floors.

Construction is expected to start in 2015 and should be completed by 2019. Read more

by Zoe Ward

Office vacancy rates in September 2014 - Miki Shoji

According to Miki Shoji’s office report, the office vacancy rate in Tokyo’s five central business districts (Chiyoda, Chuo, Minato, Shinjuku and Shibuya) was 5.65% in September, down 0.37 points from the previous month and down 2.25 points from last year. This is the first time since February 2009 that vacancy rates had dropped to the 5% range.

The 5% range is considered to be the tipping point between supply and demand. As a result, real estate companies have started to raise rents. Mitsubishi Jisho have begun seeking an increase of rent of around 5 ~ 10% in the 30 buildings they own in the Marunouchi and Otemachi business district in front of Tokyo Station. Mori Building have also started negotiating with tenants in relatively new buildings for higher rents. Mitsui Fudosan are also setting higher rents for new leases.

Meanwhile, office tenants continue to seek ways to control costs and mid-size and regional building owners are hesitant to raise rents. While vacancy rates have fallen sharply, rents are not increasing at the same speed.Read more

by Zoe Ward

Office vacancy rates in August 2014 - Miki Shoji

Left: Nippon Life Marunouchi Garden Tower; Center: Nihonbashi Diamond Building; Right: Oase Shibaura MJ Building

According to Miki Shoji’s office report, the office vacancy rate in Tokyo’s five central business districts (Chiyoda, Chuo, Minato, Shinjuku and Shibuya) was 6.08% in August, down 0.18 points from the previous month and down 2.14 points from last year.

The vacancy rate in brand new office buildings was 18.17%, up 0.76 points from the previous month and up 0.24 points from last year.Read more

by Zoe Ward

Mori Trust buys Meguro Gajoen despite ongoing lawsuit

Meguro Gajoen

In August, it was announced that Mori Trust had acquired Meguro Gajoen from Loan Star Funds for approximately 130 billion Yen. Singapore’s GIC was previously in talks to purchase the property for 134 billion Yen but backed out due to concerns over a legal dispute brought up by the original landholders.

Meguro Gajoen is a wedding hall, hotel and office building complex located 250 meters west of Meguro Station in Tokyo. Mori Trust acquired a large majority of the land (37,000 sqm) as well as the following five buildings with a total floor area of 150,000 sqm:Read more

by Zoe Ward

Toranomon 2 Chome Redevelopment Project

Toranomon 2 Chome Project 1On July 15, the Tokyo Metropolitan Government approved the re-development plans for the Toranomon Hospital and National Printing Bureau site in Minato-ku.

The 145.6 billion Yen project will include a 19-storey hospital building and a 179m tall, 36-storey commercial building. The hospital building will be rebuilt from 2015 ~ 2018, with the office tower to be built between 2019 ~ 2022. The entire project is expected to be completed by 2024.

There are a number of major redevelopment projects in the Toranomon area, including the recently completed Toranomon Hills, the future redevelopment of Hotel Okura, the redevelopment of the Toranomon Pastoral Building (Toranomon 4 Chome Project) and the Akasaka 1 Chome Redevelopment.Read more

by Zoe Ward