Japan Metropolitan Fund To Acquire Shin-Yokohama Office Building for JPY 9.2 Billion
Japan Metropolitan Fund Investment Corporation announced on September 30, 2026, that it will acquire the trust beneficiary interest in Attend on Tower, an office building in Kohoku Ward, Yokohama. The sale and purchase agreement was signed the same day, with the acquisition scheduled for October 30. The planned acquisition price is JPY 9.2 billion, approximately 13% below the appraisal value of JPY 10.6 billion. The seller is a domestic specified purpose company whose name has not been disclosed, but the beneficiary listed in the trust register as of September 30 is Bryan TMK.
The property is approximately a seven- to eight-minute walk from Shin-Yokohama Station. Completed in 2009, the building has 18 floors above ground and one below, with a typical floor plate of approximately 146 tsubo (approx. 5,200 sq. ft.). It was renovated in 2020–2021. The REIT judged the property to be highly competitive because it is relatively new for the Shin-Yokohama area, where many buildings were completed in the late 1980s and early 1990s.
As of the end of June 2026, the property had 18 tenants and an occupancy rate of 100%. According to the REIT, semiconductor-related companies account for about 70% of the tenants. The REIT noted that Shin-Yokohama is connected to major cities nationwide by the Tokaido Shinkansen and is close to manufacturing and R&D sites in Kanagawa Prefecture, and that semiconductor-related companies are increasingly concentrated in the area.
The NOI yield reflecting confirmed rent increases is 4.1%. The REIT said the property's average rent per unit is more than 10% below market rent levels and recent contracted rents, and it aims to raise the NOI yield to 4.5% over the medium term and 4.8% over the long term through gradual rent increases upon lease renewals and tenant replacements.
Key Facts
- Property Name: Attend on Tower (name after acquisition: JMF Building Shin-Yokohama 01)
- Buyer: Japan Metropolitan Fund Investment Corporation
- Seller: Undisclosed (domestic specified purpose company; beneficiary listed in the trust register: Bryan TMK, as of September 30, 2026)
- Asset to Be Acquired: Trust beneficiary interest in real estate
- Planned Acquisition Price: JPY 9.2 billion
- Appraised Value: JPY 10.6 billion, by CBRE K.K. as of September 1, 2026
- NOI Yield: 4.8% (based on appraisal NOI)
- Agreement Date: September 30, 2026
- Scheduled Acquisition Date: October 30, 2026
- Location: 2-8-12 Shin-Yokohama, Kohoku Ward, Yokohama, Kanagawa Prefecture
- Nearest Station(s): Approximately seven- to eight-minute walk from Shin-Yokohama Station on the JR Tokaido Shinkansen and Yokohama Line, the Yokohama Municipal Subway Blue Line, the Sotetsu Shin-Yokohama Line and the Tokyu Shin-Yokohama Line
- Completion: April 2009
- Number of Floors: 18F / B1 (steel-frame and steel-reinforced concrete construction)
- Use: Office / Parking
- Area: Site area of approximately 411 tsubo (approx. 14,600 sq. ft.) / Gross Floor Area of approximately 3,832 tsubo (approx. 136,400 sq. ft.) / Typical floor plate of approximately 146 tsubo (approx. 5,200 sq. ft.)
- Number of Tenants: 18 (as of the end of June 2026)
- Occupancy (by floor area): 100% (as of the end of June 2026)
- Design: Irie Miyake Architects & Engineers
- Construction: Obayashi Corporation
- Trustee: Sumitomo Mitsui Trust Bank, Limited (scheduled)
