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Mitsui Fudosan to Undertake First Residential Housing Project in Washington DC Area
330 Units Scheduled for Completion in 2020
April 19, 2017
Mitsui Fudosan Co., Ltd.
Key Points of the Project
- Mitsui Fudosan’s first rental housing project in the Washington DC area, comprising 330 units scheduled for
completion in 2020
- Approximately 15 minutes by subway to the center of Washington DC, a rare high-rise rental housing
in a mature residential area with highly convenient transportation
- Mitsui Fudosan will expand its property portfolio in the U.S., aiming to secure further business opportunities
in the future
Tokyo, Japan, April 18, 2017 - Mitsui Fudosan Co., Ltd., a leading global real estate company headquartered in Tokyo, announced today that it has decided to undertake a rental housing project of 330 units, 4000 North Fairfax Drive (tentative name) in the Washington DC area through its subsidiary Mitsui Fudosan America, Inc. This project is the Mitsui Fudosan Group's first rental housing project in the Washington DC area, and is scheduled for completion in 2020. With the addition of this project, the Mitsui Fudosan Group will be engaged in five rental housing business projects in the U.S.
The planned location of this project is in a mature residential area with excellent transportation convenience, about 15 minutes by subway to the central DC area. The project will be a rare high-rise rental housing for this area, and will target business professionals working in the central DC area and the Dulles Technology Corridor where many IT and consulting companies are located together with employees at government-related organizations. Mitsui Fudosan plans to establish a property with high-grade specifications worthy of its good location with ample amenities such as gymnasiums, lounges, terraces, and outdoor swimming pools. The Jefferson Apartment Group, the joint developer, is purely a residential housing developer with abundant development and operational experience in major east coast cities, centered on the Washington DC area. Mitsui Fudosan will move ahead with the project by leveraging the residential development and marketing expertise it has cultivated in Japan in combination with the joint developer’s local expertise to maximum effect.
The Mitsui Fudosan Group has positioned overseas business as one of its growth areas. In the U.S., the Group is involved in various development projects including offices and rental housing. The Group will further expand its property portfolio in the U.S. with this rental housing project in the Washington DC area, aiming to secure further business opportunities in the future. Under the Group’s “Innovation 2017 Stage II” medium-term business plan through fiscal 2017, announced in May 2015, the Group has planned to execute investments of approximately ¥550 billion in Europe, the U.S., and Asia over a period of three years from 2015 to 2017. At present, the Group is making steady progress with those investments.
Overview of development plan (planned)
Overview of 4000 North Fairfax Drive development project (tentative name)
| Location |
4000 North Fairfax Drive, Arlington County, VA |
| Access |
3-minute walk from the Ballston-MU subway station on the Orange and Silver lines
6-minute walk from the Virginia Square-GMU subway station on the Orange and Silver lines |
| Site Area |
Approx. 26,000 ft2 (approx. 2,400 m2) |
| Total Floor Area |
Approx. 450,000 ft2 (approx. 42,000 m2) |
| Rental Space |
Approx. 263,000 ft2 (approx. 24,000 m2) |
| Units |
330 units (planned) |
| Floors |
22 above ground and 5 below |
| Schedule |
Construction from 2017 (planned)
Completion in 2020 (planned) |
Maps
Click map to enlarge
Detailed map
Click map to enlarge
Main businesses in the U.S.
Office Buildings Projects
55 Hudson Yards (tentative name)
| Location |
55 Hudson Yards, New York, NY |
| Completion |
2018 (planned) |
| Site Area |
Approx. 40,000 ft2 (approx. 3,700 m2) |
| Total Floor Area |
1,265,700 ft2 (approx. 117,600 m2) |
| Floors |
51 above ground and 2 below with 1 penthouse floor |
| Purpose |
Offices and commercial facilities |
| Outline |
Mitsui Fudosan developed with joint developer from 2015 |
1251 Avenue of the Americas
| Location |
1251 Avenue of the Americas, New York,NY |
| Completion |
1970 |
| Site Area |
99,359 ft2 (approx. 9,230 m2) |
| Total Floor Area |
2,317,635 ft2 (approx. 215,310 m2) |
| Floors |
54 above ground and 4 below |
| Purpose |
Offices and commercial facilities |
| Outline |
Acquired in 1986 |
Homer Building
| Location |
601 13th Street NW, Washington DC |
| Completion |
1914 (Underwent major renovations in 1990) |
| Site Area |
43,318 ft2 (approx. 4,020 m2) |
| Total Floor Area |
491,913 ft2 (approx. 45,600 m2) |
| Floors |
12 above ground and 5 below |
| Purpose |
Offices, commercial facilities and parking |
| Outline |
Acquired in 2012 |
1200 17th Street
| Location |
1200 17th Street NW, Washington DC |
| Completion |
September 2014 |
| Site Area |
17,013 ft2 (approx. 1,580 m2) |
| Total Floor Area |
233,132 ft2 (approx. 21,660 m2) |
| Floors |
11 above ground and 2 below |
| Purpose |
Offices and commercial facilities |
| Outline |
Mitsui Fudosan developed with joint developer from 2012 |
Residential Housing Projects
160 Madison Avenue
| Location |
160 Madison Avenue, New York,NY |
| Completion |
September 2015 |
| Site Area |
21,500 ft2 (approx. 2,000 m2) |
| Total Floor Area |
321,400 ft2 (approx. 29,000 m2) |
| Floors |
42 above ground and 1 below |
| Purpose |
Rental housing (318 units) |
| Outline |
Mitsui Fudosan developed with joint developer from 2013 |
525 West 52nd Street
| Location |
525 West 52nd Street, New York, NY |
| Completion |
2017 (planned) |
| Site Area |
38,100 ft2 (approx. 3,500 m2) |
| Total Floor Area |
444,800 ft2 (approx. 41,300 m2) |
| Floors |
North Wing 22 floors, South Wing 14 floors, 1 floor below ground |
| Purpose |
Rental housing (392 units) |
| Outline |
Mitsui Fudosan developed with joint developer from 2015 |
West Edge Tower
| Location |
1430 2nd Avenue, Seattle, WA |
| Completion |
2018 (planned) |
| Site Area |
19,062 ft2 (approx. 1,770 m2) |
| Total Floor Area |
Approx. 548,000 ft2 (approx. 50,900 m2) |
| Floors |
39 above ground and 5 below |
| Purpose |
Rental housing (340 units) |
| Outline |
Mitsui Fudosan developed with joint developer from 2015 |
O&M
| Location |
650 Indiana Street, San Francisco, CA |
| Completion |
2017 (planned) |
| Site Area |
26,300 ft2 (approx. 2,400 m2) |
| Total Floor Area |
100,600 ft2 (approx. 9,300 m2) |
| Floors |
5 above ground and 1 below |
| Purpose |
Rental housing (116 units) |
| Outline |
Mitsui Fudosan developed with joint developer from 2015 |
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