NIPPON REIT to Acquire Kanda Ogawamachi Office Building for JPY 8.4 Billion
NIPPON REIT Investment Corporation decided on August 20, 2026, to acquire trust beneficiary interests in WORK VILLA MYJ kanda, an office building in Kanda Ogawamachi 1-chome, Chiyoda Ward, Tokyo. The scheduled acquisition date is January 15, 2027, and the planned acquisition price is JPY 8.4 billion. The sellers are Sumitomo Corp. and one undisclosed domestic operating company, from which the REIT will acquire quasi-co-ownership interests in the beneficiary rights of 30% and 70%, respectively.
The property is a one-minute walk from Ogawamachi Station on the Toei Shinjuku Line and from Awajicho Station on the Tokyo Metro Marunouchi Line. Completed in February 2025, the 14-story building has a typical floor plate of approximately 96 tsubo (approx. 3,400 sq. ft.). The acquisition covers the office space on the third through 13th floors and a share of the leasehold interest in the land. All office floors have been fitted out as setup offices, and the rooftop features a coworking lounge and terrace.
The appraisal NOI yield against the planned acquisition price is approximately 3.9%. All 10 tenants are on fixed-term building lease contracts, making it easier to reflect market rents when leases are renewed at expiration. Among office buildings within a five-minute walk of Ogawamachi Station with typical floor plates of less than 100 tsubo, average asking rents have been trending upward, reaching approximately JPY 16,090 per tsubo as of July 2026 (based on estie office research, compiled by the editorial team).
According to its financial results presentation for the fiscal period ended June 2026, released the same day, the REIT will acquire nine properties for JPY 36 billion and sell three properties for JPY 11.6 billion across the June 2026 period and the following two periods. The average building age of the acquisitions is 4.1 years, compared with 39.7 years for the dispositions, and the portfolio's average building age after this acquisition is expected to be 22.9 years. The REIT is pursuing a strategy of selling older assets and replacing them with newer properties that offer earnings growth potential.
Key Facts
- Property Name: WORK VILLA MYJ kanda
- Buyer: NIPPON REIT Investment Corporation
- Seller: Sumitomo Corporation / one undisclosed domestic operating company
- Acquisition Form: Real estate trust beneficiary interest
- Assets Acquired: Office space on the 3rd through 13th floors and a 913/1,000 share of the land leasehold interest
- Contract Date: August 20, 2026
- Scheduled Acquisition Date: January 15, 2027
- Planned Acquisition Price: JPY 8.4 billion
- Appraisal Value: JPY 9.18 billion (as of June 1, 2026; Japan Real Estate Institute)
- Appraisal NOI: approximately JPY 324 million
- Appraisal NOI Yield: approximately 3.9%
- Location: 1-4-4 Kanda Ogawamachi, Chiyoda Ward, Tokyo
- Nearest Stations: One-minute walk from Ogawamachi Station on the Toei Shinjuku Line / One-minute walk from Awajicho Station on the Tokyo Metro Marunouchi Line / Two-minute walk from Shin-Ochanomizu Station on the Tokyo Metro Chiyoda Line
- Completion: February 2025
- Number of Floors: 14F (steel-frame construction)
- Area: Site area of approximately 145 tsubo (approx. 5,200 sq. ft.) (entire building) / Typical floor plate of approximately 96 tsubo (approx. 3,400 sq. ft.) / Gross Floor Area of approximately 1,229 tsubo (approx. 43,700 sq. ft.) (entire building) / Leasable area of approximately 1,053 tsubo (approx. 37,500 sq. ft.)
- Number of Tenants: 10
- Annual Rental Income: JPY 406 million
- Occupancy: 100.0% (as of the end of July 2026)
- Master Lease Company: NIPPON REIT Investment Corporation
