Nihon Keiei Investment Acquires Newly Built Office/Retail Building in Shiba Daimon, Minato Ward
Nihon Keiei Investment has acquired an office and retail building located in Shiba Daimon 1-chome, Minato Ward, Tokyo. The seller is Sun Frontier Fudousan Co., Ltd., which had acquired the property in June 2024 and sold it after a holding period of approximately 15 months.
The property is a newly built reinforced concrete structure with nine floors above ground, completed in March 2024. It has a gross floor area of approximately 195 tsubo (approx. 6,990 sq. ft.) and is within walking distance of Daimon Station on the Toei Asakusa and Toei Oedo subway lines. The building was originally developed by LIV Holdings, Inc. and was acquired by Sun Frontier immediately after completion. Sun Frontier then carried out its signature “setup office” conversion—delivering fully furnished interiors equipped with meeting rooms and teleconferencing booths—prior to the sale.
Since 2001, Sun Frontier has completed 512 office repositioning projects involving small- to mid-sized office buildings in central Tokyo. The company also holds the top position in the Tokyo 23 wards in terms of the number of setup office units under management.
The buyer, Nihon Keiei Investment, is headquartered in Toyonaka City, Osaka Prefecture. Its parent company, Japan Management Group Co., Ltd., provides management consulting and tax advisory services primarily to the healthcare, nursing care, and welfare sectors, with particular strengths in business succession and inheritance planning. The acquisition of an income-producing asset in central Tokyo is believed to reflect the group’s strategy to expand its overall asset portfolio and to develop real estate investment schemes for its client base.
Cap rates for small- and mid-sized office buildings in Minato Ward—defined as properties with gross floor areas between 100 and 1,000 tsubo—have continued to compress, declining from the high-4% range around 2012 to the low-3% range in 2025, marking record-low levels (compiled by the editorial team based on “estie J-REIT” data). Despite the yield compression environment, investor appetite for relatively new assets in prime central Tokyo locations remains strong. Transactions such as this, where value-added assets repositioned by real estate regeneration players are acquired by operating company–backed investors, continue to be observed.
Key Facts
Property Name: NOVEL WORK Shibadaimon
Buyer: Japan Management Investment Co., Ltd.
Seller: Sun Frontier Fudousan Co., Ltd.
Location: 1-2-8 Shiba Daimon, Minato Ward, Tokyo
Access: Approx. 3-minute walk from Daimon Station (Toei Asakusa Line / Toei Oedo Line)
Completion: March 2024
Number of Floors: 9F
Structure: Reinforced concrete (RC)
Gross Floor Area: Approx. 195 tsubo (approx. 6,990 sq. ft.)