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"Muromachi Mitsui Shinkan Building" Project to Commence
Mitsui Honkan Block Redevlopment Plan
Construction Approval Received

May 30, 2002
Mitsui Fudosan Co., Ltd.

Mitsui Fudosan and landowner Sembikiya-Sohonten Co., Ltd., have jointly sought to redevelop the Mitsui Honkan Building site, a 1.4-hectare parcel of land in the Nihonbashi-Muromachi 2-chome section of Tokyo's Chuo Ward. On May 27, the two companies received approval to build an ultrahigh-rise, multiple-purpose building, provisionally called "Muromachi Mitsui Shinkan Building," on the redevelopment site while preserving the historical Mitsui Honkan Building. Demolition work will begin on May 31. The ground-breaking ceremony will take place around October 2002, after demolition work is completed. Construction work will be carried out jointly by five companies: Kajima Corp., Shimizu Corp., Mitsui Construction Co., Ltd., Zenitaka Co., Ltd., and Toray Construction Co., Ltd.

Based on its asset strategy, Mitsui Fudosan has built a solid track record in developing office buildings in the Tokyo Metropolitan Area. The company has focused particularly on four areas: Nihonbashi, Kasumigaseki, Hibiya, and Shinjuku. The Muromachi Mitsui Shinkan Building project represents an opportunity to redevelop part of the Nihonbashi area, which is historically significant and also has special meaning for Mitsui Group companies. The Company is already engaged in renewal projects in the other three areas.

In undertaking the project, Mitsui Fudosan will take advantage of the Registered Important Cultural Properties Specific District System, a special provision set up by the Tokyo Metropolitan Government pertaining to important cultural treasures. The provision was enacted to promote a harmonious balance between preservation of historical buildings and redevelopment of their surroundings. It allows developers to increase the building-to-lot ratio in certain cases. Mitsui Honkan Building was designated a Registered Important Cultural Property in 1998. The new provision means that an equivalent building-to-lot ratio applicable to the Mitsui Honkan Building can be used for the entire site, while giving due consideration to common spaces and external appearances. In effect, this provision means that a 1,218% ratio can be applied to the site, 500 percentage points higher than would otherwise be used.

Taking advantage of the increased ratio, we plan to construct a 38-story building with a height of 194 meters on the site. The building's provisional name is Muromachi Mitsui Shinkan Building. The project represents a real opportunity to preserve a historical building while also creating a state-of-the-art structure.

Hong Kong-based Mandarin Oriental Group, an internationally acclaimed operator of luxury hotels worldwide, will become a major tenant of the new building. The Mandarin Oriental Tokyo, as it will be called, will be the Group's first hotel in Japan.

Due to the demolition work, co-developer Sembikiya-Sohonten will relocate its headquarters to the Mitsui Honkan No. 3 Annex, opposite Mitsui Honkan Building, on May 7. Because Senbikiya Sohonten will be based there for more than three years, the exterior of the Annex will be renovated with white tones and a fresh appearance, presenting another new face to Nihonbashi.

For hundreds of years, the Nihonbashi area has been a center of history, culture, and industry. In addition to Muromachi Mitsui Shinkan Building, another urban redevelopment project is under way in nearby Nihonbashi 1-chome (Tokyu Department Store Nihonbashi site redevelopment, jointly undertaken by Tokyu Railway Co., Ltd., Tokyu Real Estate Co., Ltd., and Mitsui Fudosan). With numerous asset holdings in the area, Mitsui Fudosan is committed to fostering the energization of Nihonbashi through both of these projects.

Project Overview

Address 1-1, Nihonbashi-Muromachi 2-chome, Chuo-ku, Tokyo
Site area 14,375m2 (entire Mitsui Honkan Building lot)
Building area Approx. 5,444m2
Floors 38 above ground, 5 below (total height: 194m)
Total rentable floor space Approx. 118,662m2
Total building floor space Approx. 133,807m2
Parking 273 vehicles
May 2002
Demolition begins
October 2002
Construction commences
Autumn 2005
Construction completed
Hotel opens