Mitsui Fudosan Acquires 51% Interest in Osaki Office Building from Takaoka Toko

Mitsui Fudosan acquired a 51% co-ownership interest in the building of Oval Court Osaki Mark East, an office building in Higashi-Gotanda 2-chome, Shinagawa-ku, Tokyo, from Takaoka Toko in June 2026. Takaoka Toko had announced on April 28, 2026, that it would transfer the land and building to a domestic operating company. The ownership interest will be transferred in two stages, with the second scheduled for June 11, 2027.

The building is a seven-minute walk from Osaki Station. Completed in 2004, it has 14 floors above ground and one below, with a typical floor plate of approximately 311 tsubo (approx. 11,100 sq. ft.). It was developed as the second phase of Oval Court Osaki, a mixed-use redevelopment in the Higashi-Gotanda district, and it had been decided at the time of completion that Toshiba Tec would occupy the entire building.

At the time, Mitsui Fudosan said it had been commissioned to handle comprehensive planning services, including project planning, obtaining permits and approvals and construction management, as well as leasing services, and that it would also be responsible for property management after completion. In the first phase, completed in 2001, the office tower Oval Court Osaki Mark West and the condominium tower The Park Tower Tokyo South were developed, and Mitsui Fudosan was also responsible for comprehensive planning there.

Toko Electric, the project owner of the redevelopment, became Takaoka Toko through a merger in 2014 and has held the building as rental real estate. Takaoka Toko, an electric power equipment manufacturer, explained that it decided on the sale because the real estate offers limited business synergies and its profitability falls below the cost of capital. In connection with the sale, it expects to record a total of approximately JPY 12.0 billion in extraordinary income for the fiscal years ending March 2027 and March 2028, consisting of a gain on the sale of fixed assets of approximately JPY 10.7 billion and a reversal of the provision for repairs of approximately JPY 1.3 billion.

Key Facts

• Property Name: Oval Court Osaki Mark East
• Buyer: Mitsui Fudosan Co., Ltd.
• Seller: Takaoka Toko Co., Ltd.
• Acquired Asset: 51% co-ownership interest in the building (first stage)
• Contract Date: April 28, 2026
• Delivery Date: First stage June 5, 2026 / Second stage June 11, 2027 (scheduled)
• Location: 2-17-2 Higashi-Gotanda, Shinagawa-ku, Tokyo
• Nearest Station(s): Seven-minute walk from Osaki Station on the JR Yamanote, Saikyo and Shonan-Shinjuku lines and the Tokyo Waterfront Area Rapid Transit Rinkai Line / Nine-minute walk from Gotanda Station on the JR Yamanote Line, Tokyu Ikegami Line and Toei Asakusa Line
• Completion: December 2004
• Number of Floors: 14F / B1 (steel-frame and reinforced concrete construction)
• Use: Office / Parking
• Area: Site area of approximately 708 tsubo (approx. 25,200 sq. ft.) / Typical floor plate of approximately 311 tsubo (approx. 11,100 sq. ft.) / Gross Floor Area of approximately 6,126 tsubo (approx. 218,000 sq. ft.)
• Project Owner (at Development): Toko Electric Corporation
• Comprehensive Planning: Mitsui Fudosan Co., Ltd.
• Design and Construction: Taisei Corporation