Japan Real Estate Investment Corporation Acquires Additional 9% Interest in Shinjuku Eastside Square
Japan Real Estate Investment Corporation will acquire an additional 9% co-ownership interest in Shinjuku Eastside Square from MITSUBISHI ESTATE CO., LTD. for approximately JPY 20.3 billion on March 13, 2026. The investment corporation already owns a 39% interest in the property, and this additional acquisition will increase its stake to 48%.
The property is a large-scale office building in Shinjuku 6-chome, Shinjuku Ward, Tokyo, completed in 2012. It is directly connected to Higashi-Shinjuku Station and also within walking distance of Shinjuku Station, offering strong transit accessibility. The building features one of the largest floor plates in Tokyo, at approximately 1,800 tsubo per floor (approx. 63,953 sq. ft.), with high specifications including a 2,850 mm ceiling height and a 130 mm raised access floor. It is also equipped with seismic damping features and emergency generators capable of operating for approximately 72 hours, providing strong business continuity performance. Major tenants include SQUARE ENIX HOLDINGS CO., LTD., NISSIN FOOD PRODUCTS CO., LTD. and Isetan Mitsukoshi Holdings Ltd.
The investment corporation has gradually built up its ownership interest in the property. After first acquiring a 14% interest in October 2014, it made additional acquisitions of 3.6% in January 2017, 13.4% in March 2018 for approximately JPY 25.4 billion, 4% in March 2020 and 4% in March 2023 for approximately JPY 8.5 billion, making this its sixth acquisition of an interest in the asset. In each case, the seller was its sponsor, MITSUBISHI ESTATE CO., LTD., which has functioned as the pipeline supplier. After the acquisition, the pass-through master lease with MITSUBISHI ESTATE CO., LTD. will remain in place, and the operating structure will be unchanged.
Key Facts
Property Name: Shinjuku Eastside Square (Additional Acquisition: 9% Interest)
Buyer: Japan Real Estate Investment Corporation
Seller: MITSUBISHI ESTATE CO., LTD.
Acquisition Price: JPY 20,353 million
Appraised Value: JPY 20,400 million
Capitalization Rate: 3.2%
Location: 27-30 Shinjuku 6-chome, Shinjuku Ward, Tokyo
Nearest Station: Directly connected to Higashi-Shinjuku Station on the Tokyo Metro Fukutoshin Line and Toei Oedo Line
Completion: March 2012
Number of Floors: 20F / B2
Gross Floor Area: Approximately 50,591 tsubo (approx. 1,801,039 sq. ft.)
Typical Floor Area: Approximately 1,789 tsubo (approx. 63,562 sq. ft.)
Ceiling Height: 2,850 mm
Occupancy Rate: 89.4% (as of the planned acquisition date)