Mitsubishi Estate to Swap Office Assets with NIPPON REIT Investment Corporation

Mitsubishi Estate will transfer its recently completed CIRCLES Nihonbashi-Hamacho (Chuo-ku) to NIPPON REIT Investment Corporation for JPY 3,492 million on March 30, 2026. The property, completed in June 2024, is a newly built office building and is expected to be fully leased at the time of acquisition. Simultaneously, NIPPON REIT Investment Corporation will transfer Kudan-Kita 325 Building (Chiyoda-ku) to Mitsubishi Estate for JPY 2,740 million.

The CIRCLES series is Mitsubishi Estate’s leasing-focused office brand. CIRCLES Nihonbashi-Hamacho is an 11-story steel-structure building with a Gross Floor Area of approx. 637 tsubo (approx. 21,000 sq. ft.), located a two-minute walk from Toei Shinjuku Line “Hamacho” Station. With standard floor plates of approx. 54 tsubo (approx. 1,800 sq. ft.) and a ceiling height of approx. 3,300 mm, the building had an occupancy rate of 59.1% as of end-October 2025 but is expected to reach full occupancy at the time of transfer.

The Nihonbashi-Hamacho area offers access to four rail lines and continues to evolve through district management led by Yasuda Real Estate. A 52-story mixed-use tower is also slated for completion in the Nihonbashi 1-Chome Nakadistrict in 2026, adding to the broader redevelopment momentum.

Key Facts

• CIRCLES Nihonbashi-Hamacho (Asset Sold)

  • Property Name: CIRCLES Nihonbashi-Hamacho

  • Seller: Mitsubishi Estate Co., Ltd.

  • Buyer: NIPPON REIT Investment Corporation

  • Sale Price: JPY 3,492 million

  • Appraised Value: JPY 3,960 million (as of Dec. 1, 2025)

  • Cap Rate: 3.3%

  • Location: 2-35-2 Nihonbashi-Hamacho, Chuo-ku, Tokyo

  • Nearest Station: Hamacho Station (Toei Shinjuku Line), 2-minute walk

  • Completion: June 2024

  • Number of Floors: 11F

  • Gross Floor Area: approx. 637 tsubo (approx. 21,000 sq. ft.)

  • Standard Floor Plate: approx. 54 tsubo (approx. 1,800 sq. ft.)

  • Ceiling Height: approx. 3,300 mm (shell condition)

  • Occupancy: 59.1% (as of end-Oct 2025); expected 100% at transfer

• Kudan-Kita 325 Building (Asset Acquired)

  • Property Name: Kudan-Kita 325 Building

  • Buyer: Mitsubishi Estate Co., Ltd.

  • Seller: NIPPON REIT Investment Corporation

  • Acquisition Price: JPY 2,740 million

  • Appraised Value: JPY 2,410 million (as of Jun. 30, 2025)

  • Cap Rate: 3.4%

  • Location: 3-2-5 Kudan-Kita, Chiyoda-ku, Tokyo

  • Completion: August 1987

  • Number of Floors: 9F

  • Gross Floor Area: approx. 651 tsubo (approx. 21,500 sq. ft.)

  • Occupancy: 100% (as of end-Oct 2025)