Tokyu Acquires Retail and Office Building in Tokyo’s Ikejiri Area

Tokyu Corp. acquired MUTOH Ikejiri Building, a retail and office building in Ikejiri 3-chome, Setagaya Ward, Tokyo, in March 2026. The seller was MUTOH Holdings Co. After delivery of the property, MUTOH Holdings entered into a lease agreement and will continue to use the building as its headquarters.

The property was completed in 1990 and is located a one-minute walk from Ikejiri-Ohashi Station on the Tokyu Den-en-toshi Line. The building has eight floors above ground and two basement levels, with a Gross Floor Area of approximately 3,500 tsubo (approx. 124,500 sq. ft.). The basement levels include tenants such as a cafe, bookstore and convenience store.

The seller, MUTOH Holdings, operates an industrial printer business as well as a real estate leasing business. The company group has been pursuing measures focused on cash flow, including improving profitability and reducing owned assets, and the sale of its headquarters is positioned as part of those efforts. In March 2026, Brother Industries completed a tender offer for the company, making it a wholly owned subsidiary, and MUTOH Holdings was delisted from the Tokyo Stock Exchange Standard Market on June 10, 2026.

The buyer, Tokyu, outlined a policy of actively developing its real estate business in areas along Tokyu rail lines in its three-year medium-term management plan announced in March 2024. Around Ikejiri-Ohashi Station, the company has continued to make active moves, including the acquisition of the Daigo Mugita Building, an office building, in March 2025, and FLEG Ikejiri, a rental apartment property, in June 2025.

The vacancy rate for office buildings within a 10-minute walk of Ikejiri-Ohashi Station has declined from 6.45% to 0.98% over the past four years, indicating tight supply-demand conditions, according to a survey by the editorial team based on estie Office Research. In addition to operating the property as income-producing real estate, Tokyu may also consider future value-add or redevelopment-oriented use, but the specific purpose of the acquisition and plans for the property could not be confirmed.

Key Facts

• Property Name: MUTOH Ikejiri Building
• Buyer: Tokyu Corp.
• Seller: MUTOH Holdings Co.
• Location: 1-3 Ikejiri 3-chome, Setagaya Ward, Tokyo
• Nearest Station: One-minute walk from Ikejiri-Ohashi Station on the Tokyu Den-en-toshi Line
• Completion: April 1990
• Number of Floors: 8F / B2; steel-framed reinforced concrete structure
• Gross Floor Area: Approximately 3,512 tsubo (approx. 125,000 sq. ft.)