Office Building Leasing Business in Washington, D.C., U.S.A.
Mitsui Fudosan Purchases The Homer Building in Washington, D.C.
January 13, 2012
Mitsui Fudosan Co., Ltd.
Mitsui Fudosan Co., Ltd. (Head Office: 1-1, Nihonbashi-Muromachi 2-chome, Chuo-ku, Tokyo) announced today that it has acquired The Homer Building in Washington, D.C. through its U.S. subsidiary, Mitsui Fudosan America, Inc. (Representative: Yukio Yoshida).
The Mitsui Fudosan Group has positioned the overseas business as one of its growth fields. In the U.S., the Group owns a total of five office buildings (excluding The Homer Building) in three cities, namely New York, Washington, D.C. and San Francisco, and conducts an office leasing business. In addition, the Mitsui Fudosan Group conducts a hotel business in Hawaii, operating two hotels including the Halekulani Hotel.
The Homer Building is located in a central part of the East End, which is Washington, D.C.'s prime office district. In the area surrounding the property there is a large concentration of major government buildings, such as the White House and the U.S. Capitol Building, as well as law offices and other facilities. The Homer Building is also ideally located in terms of transportation access, offering a direct connection to Metro Center, a station that connects to three subway lines. The Homer Building's primary features include a stately exterior design that preserves some of the building's historical architectural elements, as well as a lobby with a full-height atrium.
The Homer Building is Mitsui Fudosan America's third property in the office buildings business in Washington, D.C., following 1090 Vermont Avenue (owned by Mitsui Fudosan), 700 Sixth Street (sold in June 2011). The Homer Building houses the headquarters of leading local developer Akridge, which owns part of the property.
With regard to the foregoing two properties, Mitsui Fudosan America is engaged in a joint property ownership and management business with Akridge. The Homer Building will follow the same business model. The Mitsui Fudosan Group positions Washington, D.C. as a key foothold in the U.S., alongside New York. Accordingly, the Mitsui Fudosan Group will continue to strengthen its partnership with Akridge as it strives to capture further business opportunities.
As it continues to globalize its operations, the Mitsui Fudosan Group has been conducting business in Europe and North America, centered on the office buildings business. The Group plans to actively develop its overseas operations in these regions, and aims to globalize at an accelerated pace through business expansion and the replacement of its real estate portfolio with relevant assets. Apart from Europe and North America, the Mitsui Fudosan Group is also actively involved in developing retail properties, residential properties, multi-purpose developments and other projects in China and other parts of east Asia.
|The Homer Building (601 Thirteenth Street)
|601 Thirteenth Street, NW, Washington, D.C.
|No. of floors
|12 floors above ground, 5 underground floors
However, renovations were completed in 1990 (Property was effectively rebuilt.)
|Total site area
|43,318 sq ft (approx. 4,023 m2)
|421,901 sq ft (approx. 39,190 m2); standard floor area: approx. 35,000 sq ft (approx. 3,240 m2)
|Offices, commercial facilities and parking
|Date of purchase
|January 11, 2012