Mitsubishi Estate

Mitsubishi Estate Co., Ltd. (三菱地所株式会社, Mitsubishi Jisho Kabushiki-gaisha, MEC) is one of the largest real-estate developers in Japan and is involved in property management and architecture research and design.

Mitsubishi Estate Co., Ltd.
Native name
三菱地所株式会社
TypePublic KK
TYO: 8802
TOPIX Core 30 Component
IndustryReal estate
PredecessorMitsubishi Goshi Kaisha
FoundedMay 7, 1937 (1937-05-07)
Headquarters
Otemachi Building
6-1, Otemachi 1-chome
Chiyoda-ku, Tokyo
,
Japan
Area served
  • Japan
  • China
  • Vietnam
  • Singapore
  • United Kingdom
  • United States
  • Malaysia
  • Indonesia
Key people
  • Keiji Kimura (Chairman)
  • Hirotaka Sugiyama (President)
Websitewww.mec.co.jp/index_e.htm

As of 2018, Mitsubishi Estate has the most valuable portfolio in the Japanese real estate industry, with a total value of approx. 7.4 trillion yen, much of which is located in the Marunouchi district of Tokyo.[1] MEC owns Japan's second tallest building, the Yokohama Landmark Tower, as well as the Sanno Park Tower and Marunouchi Building in Tokyo. Mitsubishi Estate has its headquarters in the Otemachi Building in Ōtemachi, Chiyoda, Tokyo.[2] It is one of the core Mitsubishi companies.

History
The Marunouchi Building, which was completed in 2002

The company was established in 1937 as a spin-off of the real estate holdings of the Mitsubishi zaibatsu. It was listed on the Tokyo and Osaka stock exchanges in 1953.[3]

Its largest concentration of assets is around the Doimaruyū area (Ōtemachi, Marunouchi and Yūrakuchō districts) west of Tokyo and Yūrakuchō Stations, an area purchased by the zaibatsu from the Meiji government in 1890 and developed into an office district.[4] Today, the area houses the headquarters of Mitsubishi Corporation, Mitsubishi UFJ Financial Group, MUFG Bank, Mitsubishi UFJ Trust & Banking, Mitsubishi Heavy Industries, Mitsubishi Electric, Meiji Yasuda Life, Nippon Yusen and other Mitsubishi group companies, as well as numerous other firms not affiliated with the group.

In 1990 Mitsubishi Estate fully bought out Rockefeller Group in New York City, the real estate company that then fully owned Rockefeller Center.[3] Since then the older section of the Center has been sold and the Rockefeller Group, still owned by Mitsubishi, owns the western corridor of the complex.

Mitsubishi Estate led the redevelopment of the Umekita area north of Osaka and Umeda Stations between 2010 and 2013, including the Grand Front Osaka complex.[3]

Mitsubishi Estate stated in November 2014 that it had agreed to sell a 41-year-old office building in Tokyo back to Mizuho Financial Group for $1.35 billion.[5]

In 2015, Mitsubishi announced that it would hold a majority stake in a redevelopment project north of Tokyo Station that would include the tallest building in Japan, a 1,279-foot skyscraper. The targeted completion date for the project is 2027.[4]

Investments

In 2019, Mitsubishi Estate announced a commitment of 10 billion yen in investments as part of their initiative to discover new business projects and to develop synergy with innovative businesses.[6]

  • Mitsubishi Estate participated in the Series D round of funding for Astroscale, a Singapore-headquartered space debris removal startup with offices in Japan and the UK. The round was led by Japan's INCJ Ltd., and included funds operated by SBI Investment Co., Ltd (SBII) and totaled US$50 million.[7]
  • In May 2019, Singapore-based proptech startup GorillaSpace announced that it had raised an undisclosed seed round of investment led by Mitsubishi Estate. This investment marked the first seed level investment for Mitsubishi Estate, as well as the first proptech startup outside of Japan to receive funding from the company.[8]
  • Mitsubishi Estate announced on the 28th of January 2019, that it has accepted new shares issued by Clean Planet Inc. Clean Planet (Minato-ku, Tokyo) is a venture firm that researches and develops "new hydrogen energy".[9]

Group companies
  • Mitsubishi Jisho Sekkei Inc.
  • Mitsubishi Real Estate Services Co., Ltd.
  • Mitsubishi Estate Home Co., Ltd.
  • Yokohama Royal Park Hotel Co., Ltd.
  • Aqua City Co., Ltd.
  • Marunouchi Heat Supply Co., Ltd.
  • Yokohama Sky Building Co., Ltd.
  • Royal Park Hotel Co., Ltd.
  • Rockefeller Group International, Inc.

References
  1. Maeno, Masaya (2018-07-26). "Tokyo real estate market booming ahead of Olympics". Nikkei Asian Review. Retrieved 2018-07-26.
  2. "Corporate Data." Mitsubishi Estate. Retrieved on March 7, 2010.
  3. "History". Mitsubishi Estate Co., Ltd. Retrieved 7 September 2015.
  4. Narioka, Kosaku (31 August 2015). "Mitsubishi Estate Plans Japan's Tallest Building". The Wall Street Journal. Retrieved 7 September 2015.
  5. "Mitsubishi Estate to sell Tokyo property to Mizuho for $1.35 billion" (Press release). Reuters. 27 November 2014.
  6. "三菱地所、新事業創造に向けたベンチャー出資等が累計100億円に到達". 日本経済新聞 電子版 (in Japanese). Retrieved 2019-06-18.
  7. Goh, Deyana (2018-10-31). "Singapore-based space debris removal company Astroscale secures US$50m in Series D round". SpaceTech Asia. Retrieved 2019-06-18.
  8. Chan, Melissa (2019-05-28). "S'pore PropTech Startup GorillaSpace Raises Seed Funding Led By Mitsubishi Estate". Vulcan Post. Retrieved 2019-06-18.
  9. "Mitsubishi Estate Invests in 'New Hydrogen Energy' Startup - News - Solar Power Plant Business". tech.nikkeibp.co.jp. Retrieved 2019-06-18.
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