News Releases
2017

* Information contained in this news release is current as of its date of announcement. Be aware that information contained herein is subject to change without notice.

Expanding the Rental Housing Business on the U.S. West Coast
Promoting rental housing projects at four properties (total approx. 1,300 units)

September 27, 2017
Mitsui Fudosan Co., Ltd.

Key Points of the Project

  • Mitsui Fudosan will participate in rental housing projects “Walnut Creek Transit Village” (tentative name) and “22 Texas” (tentative name)
  • The rental housing property “O&M” (former tentative name: “650 Indiana”) fully opened to accept tenants in August 2017
  • Four properties (total approx. 1,300 units) on the U.S. west coast to be developed as rental housing projects

Tokyo, Japan, September 27, 2017 - Mitsui Fudosan Co., Ltd, a leading global real estate company headquartered in Tokyo, announced today it has participated through its U.S. subsidiary Mitsui Fudosan America, Inc. in the rental housing projects Walnut Creek Transit Village (tentative name) in Walnut Creek, a premier submarket of San Francisco, and 22 Texas (tentative name) in San Francisco. Furthermore, the “O&M” rental housing project conducted in the Dogpatch neighborhood of San Francisco fully opened to accept tenants in August, and together with the West Edge Tower currently under development in Seattle, the rental housing business in the U.S. west coast now has a total of four properties. Mitsui Fudosan has seven rental housing business properties throughout the entire United States.

Walnut Creek Transit Village (tentative name) and 22 Texas (tentative name) are both located near public transport facilities. For each project, Mitsui Fudosan has teamed up with joint developers that have extensive experience and achievements in development. In advancing the plans, Mitsui Fudosan will fully leverage its own housing development expertise acquired in Japan as well as the local business know-how of the joint developers.

The Mitsui Fudosan Group sees the overseas business as a growth area and is developing its business in countries in Europe and the Americas, such as the United States and the United Kingdom, as well as countries and regions in Asia such as China, Taiwan, and Southeast Asian countries. In the United States, Mitsui Fudosan is currently working on multi-use development projects such as offices and rental housing. In April 2017, the Group participated in its first rental housing project in the Washington DC area, “4000 North Fairfax Drive” (tentative name), and this month participated in a New York Manhattan office building development project, “50 Hudson Yard” (tentative name). Through projects such as these, the Company is expanding its business in multiple cities, and aims to capture business opportunities going forward.


Perspective drawing of Walnut Creek Transit Village (tentative name) (Block 1)

Perspective drawing of 22 Texas (tentative name)


Perspective drawing of O&M

Property Characteristics

(1)Walnut Creek Transit Village (tentative name)

This property is located in Walnut Creek, a prime residential area with one of the best shopping malls in the San Francisco Bay area. Recently, an increasing number of new residents are commuters who use the public high-speed rail system (BART) to commute into San Francisco.
This property is located directly adjacent to the BART Walnut Creek Station, making it highly convenient for transportation. It is around 25 minutes by car and around 35 minutes by BART from San Francisco. The plan is to build four buildings in total, two on each of two blocks aligned north and south, and to invite ground floor tenant stores that offer a high level of convenience for daily life. The developments will also include a rich assortment of amenities, such as a swimming pool and residents’ lounge.
The main target for residents is young singles or dual-income families working in San Francisco. Mitsui Fudosan plans to offer mainly compact residences.
The joint developer for the project is Blake Griggs Properties, which has extensive development experience in residential and commercial construction.


Perspective drawing of Block 1

Perspective drawing of Block 2

(2) 22 Texas (tentative name)

This development is located in an area approximately two kilometers south of San Francisco’s industrial center, Union Square Park. It stands at the connection point between the Dogpatch neighborhood, where recent redevelopment has seen the opening of impressive restaurants and cafes, with further development anticipated, and the desirable residential neighborhood of Potrero Hill.

The development site is highly convenient for transportation. It is 2 minutes on foot from 22nd St Station on the Caltrain commuter line linking inner San Francisco with Silicon Valley and 10 minutes on foot from 3rd St. & 20th St. Station of the light rail (Muni), one of the main means of transportation in the city, giving it access to both forms of public transport. The site is also close to Interstate 280, which heads in the direction of Silicon Valley. The property comprises three buildings, two residential buildings arranged on an east-west axis, and an commercial building. Plans include a rich assortment of amenities including a roof deck and fitness gym.

The target for residents is wide, encompassing young singles, dual-income families, or couples who have finished child raising, and who are employees in finance or tech companies in San Francisco and Silicon Valley.

The joint developer for the project is Align Real Estate, which has experience developing numerous offices, residential properties, and others.


Perspective drawing

(3) O&M

The property is located in the Dogpatch neighborhood, which is home to the University of California, San Francisco Campus and other facilities, and adjoins the rapidly developing Mission Bay neighborhood to the North.

This property is located four minutes on foot from 3rd St. & 20th Street Station on the light rail (Muni), and seven minutes on foot from 22nd Street on the Caltrain, making it convenient for using both forms of public transport.

The property comprises two buildings aligned on a north-south axis, with a public road on the southern side arranged to form a plaza. Each building has a rooftop deck equipped with a barbecue space. The plan includes a café tenant on the first floor.

The main targets are business people in their late 20s or 30s who are IT workers, or employees of finance and business service companies in San Francisco and Silicon Valley. The joint developer for this project is Build, which has experience in numerous developments including residences.


Perspective drawing

Overview of Properties and Development Plans (Planned)

Overview of Development Plan for Walnut Creek Transit Village (tentative name)

Location Block 1: 1701-1799 Pringle Avenue, Walnut Creek, CA
Block 2: 1901-1915 N California Boulevard, Walnut Creek, CA
Access 1 minute on foot to BART Walnut Creek Station
Site Area Block 1: 164,656 ft2 (approx. 15,300 m2)
Block 2: 182,516 ft2 (approx. 17,000 m2)
Total Floor Area Block 1: 593,782 ft2 (approx. 55,100 m2)
Block 2: 424,954 ft2 (approx. 39,400 m2)
Rental Space Block 1: 295,220 ft2 (approx. 27,400 m2)
Block 2: 210,527 ft2 (approx. 19,500 m2)
Units Block 1: total 358 units
Block 2: total 238 units
Structure Wooden construction (partial concrete construction)
Floors Block 1: 1 below ground and 4 above- (two building layout)
Block 2: 2 below ground and 4 above (two buildings)
Purpose Rental housing and stores
Schedule Block 1
Construction from 2018 (planned)
Completion in 2020 (planned)
Block 2 To be determined

Overview of Development Plan for 22 Texas (tentative name)

Location 1395 22nd Street, San Francisco, CA
Access 2 minutes on foot from 22nd Street station on Caltrain
10 minutes on foot from 3rd St. & 20th Street Station on the light rail (Muni)
Site Area 120,447 ft2 (approx. 11,200 m2)
Total Floor Area 323,274 ft2 (approx. 30,000 m2)
Rental Space 256,161 ft2 (approx. 23,800 m2)
Units 263 units
Structure Reinforced concrete
Floors Residential East building 1 below ground and 4 above
West building 1 below ground and 8 above
Commercial building 1 below ground and 3 above 
Purpose Rental housing and operation space
Schedule Construction from April 2017
Completion in 2019 (planned)

Overview of O&M

Location 650 Indiana Street, San Francisco, CA
Access 4 minutes on foot from 3rd St. & 20th Street Station on the light rail (Muni)
7 minutes on foot from 22nd Street station on Caltrain
Site Area 26,300 ft2 (approx. 2,400 m2)
Total Floor Area 100,600 ft2 (approx. 9,300 m2)
Rental Space 76,700 ft2 (approx. 7,100 m2)
Units 116 units
Structure Wooden construction (partial concrete construction)
Floors 1 below ground and 5 above (two buildings)
Purpose Rental housing and stores
Schedule Construction from May 2015
Completion in December 2017 (planned)

Map

Walnut Creek Transit Village (tentative name)
Map of the surrounding area


Click map to enlarge

Detailed map

22 Texas (tentative name) and O&M
Map of the surrounding area


Click map to enlarge

Detailed map


Click map to enlarge

Business Development in the U.S.

50 Hudson Yards (tentative name)

Location 50 Hudson Yards, New York, NY
Completion 2022 (planned)
Site Area Approx. 69,000 ft2 (approx. 6,400 m2)
Total Floor Area 2,793,000 ft2 (approx. 260,000 m2)
Floors 58 above ground, 3 below ground
Purpose Offices and commercial facilities
Outline Mitsui Fudosan developed with development partner from 2015

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

527 Madison Avenue

Location 527 Madison Avenue, New York, NY
Completion 1986
Site area 11,650 ft2 (approx. 1,100 m2)
Gross floor area 209,604 ft2 (approx. 19,500 m2)
No. of floors 26 floors above ground, 1 floor below ground
Main application Offices and commercial facilities
Outline Acquired 2008

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

Waterfront Corporate Center III

Location 221 River Street, Hoboken, NJ 07030
Completion 2015
Site Area Approx. 54,000 ft2 (approx. 5,000 m2)
Total Floor Area Approx. 578,000 ft2 (approx. 54,000 m2)
Floors 14 above ground and 1 below
Purpose Offices
Overview Acquired 2016

1200 17th Street

Location 1200 17th Street NW, Washington D.C
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

Homer Building

Location 601 13th Street NW, Washington D.C
Completion 1913
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

270 Brannan Street

Location 270 Brannan Street, San Francisco, CA
Completion 2016
Site area 37,813 ft2 (approx. 3,500 m2)
Gross floor area 213,302 ft2 (approx. 19,800 m2)
No. of floors North wing 7 floors, South wing 5 floors
Main application Offices and commercial facilities
Outline Mitsui Fudosan developed with joint developer from 2014

Residential Housing Projects

525 West 52nd Street

Location 525 West 52nd Street, New York, NY
Completion May 2017
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

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 312,400 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

4000 North Fairfax Drive (tentative name)

Location 4000 North Fairfax Drive, Arlington County, VA
Completion 2020 (planned)
Site Area 26,000 ft2 (approx. 2,400 m2)
Total Floor Area 450,000 ft2 (approx. 42,000 m2)
Floors 22 above ground and 5 below
Purpose Rental housing (approx. 330 units (planned))
Overview Mitsui Fudosan developed with joint developer from 2017

Walnut Creek Transit Village (tentative name)

Location Block 1: 1701-1799 Pringle Avenue, Walnut Creek, CA
Block 2: 1901-1915 N California Boulevard, Walnut Creek, CA
Completion Block 1: 2020 (planned)
Block 2: To be determined
Site Area Block 1: 164,656 ft2 (approx. 15,300 m2)
Block 2: 182,516 ft2 (approx. 17,000 m2)
Total Floor Area Block 1: 593,782 ft2 (approx. 55,100 m2)
Block 2: 424,954 ft2 (approx. 39,400 m2)
Floors Block 1: 1 below ground and 4 above (two buildings)
Block 2: 2 below ground and 4 above (two buildings)
Purpose Rental housing (Block 1: 358 units; Block 2: 238 units)
Outline Mitsui Fudosan to develop with joint developer from 2018

22 Texas (tentative name)

Location 1395 22nd Street, San Francisco, CA
Completion 2019 (planned)
Site Area 120,447 ft2 (approx. 11,200 m2)
Total Floor Area 323,274 ft2 (approx. 30,000 m2)
Floors East building: 1 below ground and 4 above
West building: 1 below ground and 8 above
Commercial building: 1 below ground and 3 above
Purpose Rental housing (263 units)
Outline Mitsui Fudosan developed with joint developer from 2017

O&M

Location 650 Indiana Street, San Francisco, CA
Completion December 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 (two buildings)
Purpose Rental housing (116 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