Ichigo Office REIT to Acquire Ichigo Funabashi Building in Chiba for JPY 3.61 Billion
Ichigo Office REIT Investment Corporation announced that on February 18, 2026, it will acquire the Ichigo Funabashi Building, a mid-sized office property located in Funabashi, Chiba Prefecture. The acquisition is at a purchase price of JPY 3.610 billion, representing approximately a 9% discount to the appraised value of JPY 3.960 billion.
The property is situated within walking distance of two major commuter rail stations — approximately 9 minutes on foot from JR Sobu Line Rapid “Funabashi” Station and approximately 6 minutes on foot from Keisei Line “Keisei Funabashi” Station — making it well positioned for tenant accessibility.
Constructed in July 1991, the building features an SRC structure with 8 above-grade floors and a gross floor area of approx. 1,800 tsubo (approx. 5,945 sq. m.). It offers a typical floor plate of approx. 164 tsubo (approx. 541 sq. m.), 2.5-meter ceiling height, OA floor system, individual air conditioning systems, and space for 30 mechanical parking stalls.
As of the end of December 2025, the property was fully occupied (100%), with a diversified tenant base including firms in housing & construction, accounting, legal services, and transportation infrastructure sectors.
Ichigo Jisho, the seller and sponsor affiliate, acquired the building in 2023 and executed common area renovations, successfully increasing rental rates and occupancy. Based on agreed rental revisions, the buyer anticipates that the 4th-year annual NOI will reach approx. JPY 158 million, with an expected NOI yield of approx. 4.4%, indicating further potential for income growth.
This acquisition expands Ichigo Office REIT’s office portfolio to 87 properties, raising the office allocation to 98.3% of its total portfolio. The Funabashi market has been attracting investment interest due to its strong employment base and business establishments, as well as rental and occupancy trends that have recently outperformed surrounding regional markets.
Key Facts
Property Name: Ichigo Funabashi Building
Buyer: Ichigo Office REIT Investment Corporation
Seller: Ichigo Jisho Co., Ltd.
Purchase Price: JPY 3.610 billion
Appraised Value: JPY 3.960 billion
Appraised NOI Yield: 5.2%
Location: 2-10-14 Honcho, Funabashi City, Chiba Prefecture, Japan
Nearest Stations: Approx. 9-minute walk from JR Sobu Line Rapid “Funabashi” Station; approx. 6-minute walk from Keisei Line “Keisei Funabashi” Station
Completion: July 1991
Number of Floors: SRC structure, 8 floors above ground
Gross Floor Area: Approx. 1,800 tsubo (approx. 5,945 sq. m.)
Typical Floor Area: 164 tsubo (approx. 541 sq. m.)
Ceiling Height: 2,500 mm
Occupancy: 100% (as of Dec. 2025)