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Notice Regarding Sale of Mitsui Fudosan’s Portionof the Shibuya Garden Front (Office Complex)
Agreement Reached with Nippon Building Fund Inc.

December 11, 2003
Mitsui Fudosan Co., Ltd.

Mitsui Fudosan Co., Ltd. (“Mitsui Fudosan”) has concluded an agreement with Nippon Building Fund Inc. (“NBF”) to sell its portion of Shibuya Garden Front and Shibuya Garden Front Annex (collectively, “the property”), an office complex located near JR Shibuya train station in Tokyo.
Mitsui Fudosan will sell its entire portion of the property (corresponding to 20% of the total) to NBF. Please refer to the attached materials for details of the sale.

The property, a modern office complex equipped with the latest facilities, was completed on September 30, 2003 in a joint venture with Sumitomo Life Insurance Company.

Mitsui Fudosan undertook the project management for development of the property under consignment from Sumitomo Life, with the intention of creating an office environment for workers that would be safe, comfortable and practical.

Tenants for the property are transcosmos inc. and its affiliated companies, which will use the property as its headquarters. The property had achieved full capacity at the time of its completion, which will allow it to generate stable earnings. This matches NBF’s desire to acquire office buildings that allow for asset management with long-term stability, and led to the sale agreement.

The Mitsui Fudosan Group, in accordance with its long-term management plan Challenge Plan 2008, has announced its intention to expand the general real estate management business. One of the typical methods of business conducted under the Challenge Plan 2008 is to develop property through joint investment, reap development benefits from the sale of value-added property to investors, carry out project management during development and manage the property after completion.

[ Attached Material ]

[Shibuya Garden Front]

<Attachment 1> Property Overview

Owners Sumitomo Life Insurance Company and Mitsui Fudosan Co., Ltd.
Location 23-1 Shibuya 3-chome, Shibuya-ku Tokyo
Lot Area 3,690.25 m2
Principal Use Offices, commercial facilities
Floor Area 23,288.19 m2
Tower (office building) 23,035.93 m2
Annex (commercial facilities) 252.26 m2
Construction Tower: Steel frame, steel-reinforced concrete
Annex: Steel frame
No. of Floors Tower: 14 above ground, one below, plus two-story penthouse
Annex: Single story construction
Height Tower: 57.08m
Annex: 7.05m

High-rise tower: 63 cars (of which, 61 in automated parking garages)
Low-rise building: Two cars

Design Architect Nikken Sekkei Co., Ltd.
Obayashi Corporation

Mitsui Fudosan Co., Ltd

Mitsui Fudosan Co., Ltd. (contracted to NBF Office Management)
Main Building
Services and
Approx. 1,090 m2 of column-free space per standard floor
Three segmented air conditioning zones per floor
Free access floor 0.1m
Standard ceiling height 2.75m
Electric Capacity 70VA/m2
Floor Load 500kg/m2 (1,000kg/m2 in designated areas)
Contact-free IC card security system
Earthquake-resistant construction

<Attachment 2> Sale Agreement Overview

Subject Property Jointly owned portion of land and building (20% of total, Mitsui Fudosan’s total portion) of Shibuya Garden Front and Shibuya Garden Front Annex
Purchaser Nippon Building Fund Inc.
Sale Price 3,480 million yen
Contract Date December 12, 2003 (tentative)
Transfer February 2, 2004 (tentative)
Note Joint business venture with Sumitomo Life Insurance Company (Ownership ratio: Sumitomo Life 80%; Mitsui Fudosan 20%)

<Attachment 3> Location map

<Attachment 4> Facade