Agreement was made for the redevelopment plan of Tokyu Department Store, Nihonbashi site
To construct a functional building complex for both office and commercial purposes as a pride of the 21st century, by utilizing advantageous location and ideal shape / size of the property.

January 7th, 2000
Mitsui Fudosan Co., Ltd.
Tokyu Corporation
Tokyu Land Corporation

Mitsui Fudosan Co., Ltd., Tokyu Corporation and Tokyu Land Corporation, have made agreement with Tokyu Department Store Co., Ltd. And Organization For Promoting Urban Development, with regard to the redevelopment plan for Tokyu Department Store, Nihonbashi site (1-4 Nihonbashi, Chuo-ku, Tokyo; 8,185m².

Tokyu Department Store the present owner, will once turn over the property to Organization For Promoting Urban Development after the demolition of the existing building. We, Mitsui Fudosan, Tokyu and Tokyu Land will take the lease of the land from the said organization, and carry out the construction plan. The construction work is planned to start in April 2001 and complete in March 2004. As for the land, the said three undertaking companies will purchase it at the earliest possible date after the completion, in accordance with the "Land acquisition and transfer" system set by Organization For Promoting Urban Development.

Undertaking ratio: Mitsui Fudosan: Tokyu: Tokyu Land = 50:30:20 We planned to undertake the project using efficient ways of investment, bearing in mind of securitization and other methods. The detailed project scheme will soon be determined.

The said property is directly connected to Nihonbashi Station, which links up with three subways of Eidan-Ginza line, Eidan-Tozai line, and Toei-Asakusa line. It is situated in the exceedingly convenient location where two major roads intercede; Eitai Dori St. with major banks congregated, and Chuo Dori St. with the major Japanese commercial facilities stretched in a line. Moreover, the property possesses both the ideal shape and the size, unlike any others, that the building which will be built on this property will able to secure ideally shaped office spaces, of approximately 3,000m²per floor for the use of dealing rooms and other purposes. The content of plan anticipates the potential needs of ideal office setups on the rare and excellent property. (Outline of the estimated building)

• Total floor space: approx. 97,000m²
• The structure: Steel frame, partly steel frame and reinforced  concrete, reinforced concrete / 26 stories aboveground, 3 stories underground.

The said three companies will make full use of the location by constructing office-building complex with commercial facilities in lower floors to add to the liveliness of Nihonbashi district. Offices will have facilities to sufficiently meet the needs of international financial institutions, with equipment, designs, plans and other latest functions to meet the global standard. We have already received inquiries from potential leading-tenants, and will be making leasing arrangements from the early stage in parallel to the facility planning.

Overview of the Redevelopment Project Plan for the Site of Tokyu Department Store, Nihonbashi

Outline of the property for development

1. Location Nihonbashi 1-chome, Chuo-ku
2. Lot number 4
3. Transportation 0 minute walk from Nihonbashi station, by Ginza line and Tozai line of the Eidan Subway
4. Acreage 8,184.78 m² *registered acreage

Outline of the Planned Building

1. Structure: Steel frame, partly steel frame and reinforced concrete, reinforced concrete / 26 stories aboveground, 3 stories underground
2. Total Floor Space: approx. 97,000 m²
3. Planned date to begin construction April, 2001
4. Planned date to finish construction March, 2004

Total Cost of Operation approx. 90 billion yen

Conceptual Drawing

Map

Corporate Data

Mitsui Fudosan Co., Ltd.

Head Office	1-1, Nihonbashi-Muromachi 2-chome, Chuo-ku, Tokyo
Date of Establishment	July, 1941
Capital	¥134.4 billion (as of November 1, 1999)
Representative	Hiromichi Iwasa, President and Chief Executive Officer
Employees	1,370 (as of September 30, 1999)
Business Activities	Leasing businesses of buildings, shopping centers, hotels and others. Housing businesses of detached houses and condominiums.

Tokyu Corporation

Head Office	5-6, Nanpeidai-cho, Shibuya-ku, Tokyo
Date of Establishment	September 1922
Capital	¥107.5 billion (as of November 1, 1999)
Representative	Hitoshi Shimizu, President and Chief Executive Officer
Employees	4,554 (as of September 30, 1999)
Business Activities	Railways, real estate sales, real estate leasing, hotels, petroleum sales, and recreation services.

Tokyu Land Corporation

Head Office	Shin-Nanpeidai Tokyu Building, 1-21-2 Dogenzaka, Shibuya-ku, Tokyo
Date of Establishment	December 1953
Capital	¥ 32.1 billion (as of November 1, 1999)
Representative	Tetsuro Aki, President and Director
Employees	634 (as of September 30, 1999)
Business Activities	Real estate sales business, real estate leasing business, institution operation, asset exploitation business, and insurance agency.

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