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Mitsui Fudosan Group Makes First Entry Into the U.S. Residential Leasing Business
To Participate in Planned New York "160 Madison"

March 13, 2013
Mitsui Fudosan Co., Ltd.

Mitsui Fudosan Co., Ltd. announced today that through its U.S. subsidiary, Mitsui Fudosan America, Inc., it will participate in the planned 160 Madison residential leasing business.

This property is located within a five-minute walk of two stations (33 St Station and 34 St Herald Square Station) and three subway lines. And it is only a four-minute ride from the closest station to midtown, the main business district of Manhattan, making it a convenient commuting location. The property is surrounded by greenery with parks, recreation and relaxation areas for citizens such as Bryant Park and Madison Square Park. There are also many department stores such as Macy’s and Lord & Taylor, restaurants, bars and other shops, making it a highly convenient living area.

This project is a joint undertaking with New York developer J.D. Carlisle Development Corporation (J.D. Carlisle) and real estate fund DLJ Real Estate Capital Partners, which have a track record in joint residential housing projects. This project will utilize their experience and track records, and Mitsui Fudosan America will continue to promote business with the two companies.

Plans call for a tower-type leased condominium with a total of 318 units on 42 floors. This will be the first such condominium in the neighborhood. The exterior features a glass curtain wall look, while the interior will exude luxury. In addition, the plans include a rooftop terrace and lounge on the top floor, and enhanced shared facilities such as a gym on the second floor. Construction is scheduled to start in summer 2013, with completion in fall 2015.


Reference: This is an example of property jointly developed by J.D. Carlisle and DLJ Real Estate Capital Partners.
Property name: Beatrice

The Mitsui Fudosan Group owns and leases a total of five office buildings in three cities in the U.S.: New York, Washington D.C. and San Francisco. In addition, in August 2012 it entered the office building development business, with a new building in Washington D.C. It also runs a hotel business with two properties, including the Halekulani Hotel in Hawaii. Going forward, the Group aims to acquire further business opportunities in the U.S.

In the Mitsui Fudosan Group’s long-term business plan “Innovation 2017,” overseas business is positioned as one of the growth areas. In Europe and the U.S., in addition to the existing office building leasing business, Mitsui Fudosan will actively target new business fields, such as the residential leasing business announced today, as it works to expand and enhance its high-quality portfolio. As part of Innovation 2017, Mitsui Fudosan plans to make investments in overseas operations of approximately 500 billion yen by fiscal 2017.

Overview of 160 Madison

Location 160 Madison Avenue, New York, NY
Access A two-minute walk from 33 St Station, and a five-minute walk from 34 St Herald Square Station
Site Area 21,500 sq ft (approx. 604 tsubo)
Gross Floor Area 312,400 sq ft (approx. 8,778 tsubo)
Rentable Space 258,000 sq ft (approx. 7,250 tsubo)
Note: Standard floor 7,200 sq ft (approx. 202 tsubo)
Total Units 318 units
No. of Floors 42 floors above ground, 1 underground floor
Schedule Start of construction: summer 2013
Completion (planned): fall 2015

Location Map