Office Building Development Business in Washington, D.C., U.S.A.
Mitsui Fudosan Acquires Site for 1200 17th Street Development Project (Tentative Name)
August 28, 2012
Mitsui Fudosan Co., Ltd.
Mitsui Fudosan Co., Ltd. announced today that its U.S. subsidiary, Mitsui Fudosan America, Inc. (Representative: Yukio Yoshida) has acquired an office building development site for the 1200 17th Street Building Development Project (Tentative Name) in Washington, D.C.
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 six office buildings (excluding the 1200 17th Street Building) in 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 1200 17th Street Building is located in the central business district of Washington D.C., the city's prime office district. The building is close to Connecticut Avenue, which is lined by one of the city's largest concentrations of commercial buildings, in a quiet environment just one or two blocks away from major city streets. The building will be designed to let in abundant sunlight utilizing the site's location adjoining three streets. Plans call for enhancing service amenities for the building's office workers such as by providing a rooftop terrace and a fitness center on the basement floor.
The 1200 17th Street Building is Mitsui Fudosan America's fourth property in the office buildings business in Washington, D.C.. The others are 1090 Vermont Avenue (owned by Mitsui Fudosan America), 700 Sixth Street (sold in June 2011) and The Homer Building (owned by Mitsui Fudosan America). With regard to the two properties it owns, Mitsui Fudosan America is engaged in a joint property ownership and management business with Akridge, a leading local real estate developer. The 1200 17th Street Building will follow the same business model. The Mitsui Fudosan Group considers Washington, D.C. to be 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.
Looking ahead, the Mitsui Fudosan Group will step up its vigorous expansion of the overseas business as it works to develop global operations under the Innovation 2017 long-term business plan. In the U.S. and Europe, the Mitsui Fudosan Group aims to build up a strong portfolio centered on the office building leasing business. In Asia, the Group will strive to expand business focused on housing sales, for which growing demand is being fueled by economic growth and continuing urbanization, along with retail properties designed to capture growth in consumer spending.
Perspective drawing (Northeast side)
Perspective drawing (Southeast side)
Plan Overview (Provisional)
|1200 17th Street Development Plan
|1200 17th Street NW, Washington D.C.
|Total site area
|17,013 sq ft (approx. 1,580 m2)
|Office and retail shops
|Leased floor area
|168,757 sq ft (approx. 15,676 m2)
|11 floors above ground, 2 floors below ground
|September 2012 Start demolition of existing building
March 2013 Start of the main construction work on the building
September 2014 Complete construction (scheduled)