Redevelopment planned for Shibuya city office
Moves are underway to rebuild the Shibuya City Office buildings after it was discovered that they would be at risk of falling over in an earthquake that produced a shindo level of upper-6 (read about the Japanese seismic intensity scale here).
At a press conference held on February 12, Shibuya ward mayor, Toshitake Kuwahara, announced that they hope to decide on a budget for the project during the 2014 financial year. The buildings are currently below the maximum allowable building size for the site, so the local council hopes that the availability of additional space will help to reduce their own redevelopment costs.Read more
Ark Hills South Tower
Mori Building announced on January 4 that their new office building between Izumi Garden Tower and Ark Hills will be called 'Ark Hills South Tower'. The 20 storey building is scheduled for completion in August 2013, and will boast the largest rooftop garden in central Tokyo.
Each floor plate is approximately 1900 sqm (20,444 sqft) and ceiling heights are 2.9 meters (higher than the standard of 2.8m).
It has already been awarded the a Platinum ranking under the DBJ Green Building Certification, which is a certification system created by the Development Bank of Japan. Read more
A look at the demolition of the Grand Prince Hotel Akasaka
The demolition of the 140m tall Grand Prince Hotel Akasaka is underway with the building now standing at three-quarters of its original height.
The work is being carried out by a joint venture between Taisei Corporation and Seibu Construction using the 'Taisei Ecological Reproduction System' (Teco-Rep System). Assistant Director of Taisei's Construction Engineering Development Department, Mr. Hideki Ichihara, explains the process:Read more
Office building to be torn down after 2 years
This would set a record for one of the shortest lived office buildings in Japan. Only two years after completion, a high-rise office building near Osaka's Umeda area is now facing a threat of demolition.
Midosuji Front Tower is located in alongside Midosuji Avenue in Sonezakishinchi 1 Chome in Kita-ku. The 20 story building was completed in June 2010 and has a total floor area of 18,000 sqm (193,680 sqft). It was intended to be let out to tenants but the construction barricades around the building have never been removed and it has never been occupied.
In 2003, Toyo Real Estate bought the 1700 sqm site. After approaching Mitsubishi Jisho, the two companies set up a special purpose company in 2007 to develop the site. Both parties would contribute funds to the project while the remaining majority was to be financed. The SPC entered into an agreement with Kajima Corporation to construct the building at a cost of 5 billion Yen. When completed, the building was expected to bring in an annual rent of between 800 million ~ 1 billion Yen.Read more
Ark Hills Sengokuyama Mori Tower reaches completion
Construction of Ark Hills Sengokuyama Mori Tower, a combined residential and office tower in the Roppongi/Toranomon area, was completed on August 7.
The two hectare site has a 47-storey mixed residential and office tower, along with 8-storey low-rise apartments. The development took a total of 24 years, when including the long process of negotiating with local residents.
In the high-rise tower, offices are located on floors 25 to 47, while residences are on floors 3 to 24. Currently, 55% of the commercial tenants have been confirmed. They are predominantly foreign law offices and IT companies.Read more
Foreign investors return to Japan's property market
According to the Mainichi Shimbun, Foreign investors and foreign capital investment corporations are showing enthusiasm for Japan's real estate market. European and American property and investment companies are continuing to purchase residential and commercial buildings, while a major US bank has set forth on establishing a REIT in Japan.
The background to this renewed vigor is the outflow of funds in Europe due to the European debt crisis, and a general feeling that the real estate market in Japan has bottomed out. Experts are anticipating that the long-stagnating real estate market is finally reaching a turning point.Read more