Mitsubishi Estate

Mitsubishi Estate Co., Ltd.
Native name
 三菱地所株式会社
Public KK
Traded as TYO: 8802
TOPIX Core 30 Component
Industry Real estate
Predecessor Mitsubishi Goshi Kaisha
Founded May 7, 1937 (1937-05-07)
Headquarters Otemachi Building
6-1, Otemachi 1-chome
Chiyoda-ku, Tokyo, Japan
Area served
  • Japan
  • China
  • Vietnam
  • Singapore
  • United Kingdom
  • United States
  • Malaysia
  • Indonesia
Key people
  • Keiji Kimura (Chairman)
  • Hirotaka Sugiyama (President)
Website www.mec.co.jp/index_e.htm

Mitsubishi Estate Co., Ltd. (三菱地所株式会社, Mitsubishi Jisho Kabushiki-gaisha, MEC) is one of the largest real-estate developers in Japan and is involved in property management and architecture research and design.

As of 2018, Mitsubishi Estate has the most valuable portfolio in the Japanese real estate industry, with a total value of approx. 7.4 trillion yen, much of which is located in the Marunouchi district of Tokyo.[1] MEC owns Japan's second tallest building, the Yokohama Landmark Tower, as well as the Sanno Park Tower and Marunouchi Building in Tokyo. Mitsubishi Estate has its headquarters in the Otemachi Building in Ōtemachi, Chiyoda, Tokyo.[2] It is one of the core Mitsubishi companies.

History

The Marunouchi Building, which was completed in 2002

The company was established in 1937 as a spin-off of the real estate holdings of the Mitsubishi zaibatsu. It was listed on the Tokyo and Osaka stock exchanges in 1953.[3]

Its largest concentration of assets is around the Marunouchi and Otemachi districts west of Tokyo Station, an area purchased by the zaibatsu from the Meiji government in 1890 and developed into an office district.[4] Today, the area houses the headquarters of Mitsubishi Corporation, Mitsubishi UFJ Financial Group, MUFG Bank, Ltd., Mitsubishi UFJ Trust and Banking Corporation, Mitsubishi Electric, Meiji Yasuda Life, Nippon Yusen and other Mitsubishi group companies, as well as numerous other firms not affiliated with the group.

In 1990 Mitsubishi Estate fully bought out Rockefeller Group in New York City, the real estate company that then fully owned Rockefeller Center.[3] Since then the older section of the Center has been sold and the Rockefeller Group, still owned by Mitsubishi, owns the western corridor of the complex.

Mitsubishi Estate led the redevelopment of the Osaka Station area between 2010 and 2013, including the Grand Front Osaka complex.[3]

Mitsubishi Estate stated in November 2014 that it had agreed to sell a 41-year-old office building in Tokyo back to Mizuho Financial Group for $1.35 billion.[5]

In 2015, Mitsubishi announced that it would hold a majority stake in a redevelopment project north of Tokyo Station that would include the tallest building in Japan, a 1,279-foot skyscraper. The targeted completion date for the project is 2027.[4]

Group companies

  • Mitsubishi Jisho Sekkei Inc.
  • Mitsubishi Real Estate Services Co., Ltd.
  • Mitsubishi Estate Home Co., Ltd.
  • Yokohama Royal Park Hotel Co., Ltd.
  • Aqua City Co., Ltd.
  • Marunouchi Heat Supply Co., Ltd.
  • Yokohama Sky Building Co., Ltd.
  • Royal Park Hotel Co., Ltd.
  • Rockefeller Group International, Inc.

References

  1. ↑ Maeno, Masaya (2018-07-26). "Tokyo real estate market booming ahead of Olympics". Nikkei Asian Review. Retrieved 2018-07-26.
  2. ↑ "Corporate Data." Mitsubishi Estate. Retrieved on March 7, 2010.
  3. 1 2 3 "History". Mitsubishi Estate Co., Ltd. Retrieved 7 September 2015.
  4. 1 2 Narioka, Kosaku (31 August 2015). "Mitsubishi Estate Plans Japan's Tallest Building". The Wall Street Journal. Retrieved 7 September 2015.
  5. ↑ "Mitsubishi Estate to sell Tokyo property to Mizuho for $1.35 billion" (Press release). Reuters. 27 November 2014.
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