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TOKYO | Tokyo Torch | 1,279 FT | 63 FLOORS

Mitsubishi Estate Plans Japan’s Tallest Building

http://si.wsj.net/public/resources/i...0831030338.jpg

Quote:

Mitsubishi Estate Co. said it plans to build Japan’s tallest building as part of an $8.3 billion development in central Tokyo, the latest sign of a boom in the capital’s property market.

Mitsubishi Estate said it will build a 1,279-foot skyscraper and three other structures just north of Tokyo’s main railway station, in the heart of the financial hub and among the city’s priciest real estate. The total cost will likely exceed ¥1 trillion ($8.3 billion), company officials said. The land alone is valued at ¥600 billion.

Mitsubishi Estate President Hirotaka Sugiyama said he hopes the development will improve the city’s standing as a global financial center, while attracting a wide range of professionals in other industries.

“I want this building to be as symbolic and as competitive [as other landmark buildings] in the world,” Mr. Sugiyama said.

The targeted completion date is 2027, a long time horizon that underscores Mitsubishi Estate’s commitment to the city center even as some analysts have expressed worries about the longer-term outlook.

Tokyo’s high-end property market is booming again following years of struggle in the wake of the 2008 global financial crisis and the March 2011 earthquake and tsunami. High-quality properties have become nearly as expensive as during the most recent market peak in 2007.

But some fear the market will lose momentum after the 2020 Tokyo Olympics, if not sooner. Yasuo Kono, Japan strategist at U.S.-based LaSalle Investment Management Inc., said the recovery in office properties is accelerating, leading to more development projects, but that this is unlikely to last until 2020.

Still, projects such as the one announced by Mitsubishi Estate fit well with the long-term redevelopment theme for Tokyo—tall, multipurpose buildings at the city center—and such investments should perform relatively well, he said.

The average office vacancy rate in the central business districts fell to 4.9% in July from 9.3% three years ago, according to brokerage Miki Shoji Co. The average rent for new buildings rose 18% during the period.

Big investors have returned. Last year, Singapore sovereign-wealth fund GIC Pte. bought 24 floors of Pacific Century Place Marunouchi, a building just south of Tokyo Station, for $1.7 billion.

In January, LaSalle Investment Management and sovereign-wealth fund China Investment Corp. teamed up to buy the Meguro Gajoen commercial- property complex in Tokyo for around ¥140 billion.

Mitsubishi Estate’s new skyscraper would be twice as tall as its current landmark property, the Marunouchi Building just west of Tokyo Station, and unusually high for an earthquake-prone county such as Japan. Still, it will rank well behind some of the world’s tallest buildings. The tallest one in the U.S., One World Trade Center, is nearly 500 feet taller at 1,776 feet.

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http://www.wsj.com/articles/mitsubis...ing-1441019921

Wow, they don't mess around with sissy little floor plates, that is a BIG boy.

^ I've noticed that about high rises in Tokyo. It may have something to do with better seismic performance vs. taller, more slender floorplates, that may sway more erratically in powerful earthquakes that Japan is susceptible to.

Quote:

The average office vacancy rate in the central business districts fell to 4.9% in July

Ok, I know larger markets can sustain lower vacancy rates, but that's still retardedly low.

For whatever reason, American vacancy rates tend to be higher than other countries, too. Toronto's vacancy rate is around 5% right now, with a lot of new space is under construction. People are worried that vacancy could shoot up to an "unsafe" 10% after construction finished on all of them, which would be considered a nice healthy market in the US.

TOKYO | Tokyo Torch | 1,279 FT | 63 FLOORS

https://therealdeal.com/2020/09/26/m...st-skyscraper/

Mitsubishi unveils design for Japan’s tallest skyscraper
“Tokyo Torch” would rise 1,279 feet above city’s busiest rail hub

https://s11.therealdeal.com/trd/up/2...er-705x439.jpg

TRD NATIONAL TRD WEEKEND EDITION
Sep. 26, 2020

Quote:

One of Japan’s largest developers has unveiled new renderings for what could become the country’s tallest building upon completion in 2027.

Mitsubishi Estate first announced that it would build the 1,279-square-foot building back in 2016, but revealed new details about the project — including its name, Tokyo Torch — earlier this month, CNN reported.

The name is reportedly inspired by the developers’ desire for the building to be a beacon for Tokyo, but its shape and undulating crown vaguely resemble a torch topped with flames.

Quote:

At nearly 1,300 feet, the Tokyo Torch would easily surpass any of Japan’s existing or planned skyscrapers. The country’s tallest existing tower is the 984-foot Abeno Harukas in Osaka. Developer Mori Building Co. is set to complete an approximately 1,082-foot skyscraper in Tokyo, designed by Pelli Clarke Pelli Architects, by 2023.

The 63-story skyscraper will anchor a 338,000-square-foot urban development near Tokyo’s main railway hub. Most of the building will be dedicated to office space, although there will be retail and a bathhouse on the lower floors, and a 100-room hotel and an observation deck on the upper floors.

Quote:

Mitsubishi Estate’s 3.1-acre development site is within the Tokiwabashi district, and is on the largest city block facing Tokyo Station, the country’s busiest rail station.

The developer is set to complete the first major building in the project, the 696-foot-tall Tokiwabashi Tower, next year. A 75,000-square-foot public plaza will be situated between the two skyscrapers, and will include a koi pond and a waterfront promenade.

That has to be the widest skyscraper I've ever seen, at nearly 1300 feet it will be an absolute monster.

Really happy for Japan, I'm glad they're breaking barriers :cheers:

That part of Tokyo has very odd scale to being with.

Seems Japan has a lot of things with HUGE floorplates. Not sure if something is driving this.

Quote:

Originally Posted by kenratboy (Post 9059793)

Seems Japan has a lot of things with HUGE floorplates. Not sure if something is driving this.

I’m guessing the demand is there. Last I checked, Tokyo’s GDP was larger than NYC’s and London’s combined. I consider it the most spectacular city in the world.

this one is a little long but some may enjoy it, his channel is good if you are into Tokyo and Japan.

• Video Link

Construction begins on Japan’s tallest building, Torch Tower

Move to U/C

https://www.japantimes.co.jp/news/20...-construction/

Quote:

Construction has begun on the Torch Tower, set to be the new tallest building in Japan. The 1,280-foot-tall skyscraper is expected to be completed in March 2028 according to new reporting by The Japan Times.

https://www.theb1m.com/assets/torcht...=1642097876917

At nearly 6 million square feet of office space in this beast, it’s gotta be one of the, if not the largest office buildings in the world? It’ll house over 20,000 employees at that size.

Quote:

Originally Posted by Innsertnamehere (Post 10059293)

At nearly 6 million square feet of office space in this beast, it’s gotta be one of the, if not the largest office buildings in the world? It’ll house over 20,000 employees at that size.

According to https://en.wikipedia.org/wiki/List_o...fice_buildings , there are currently only two office buildings larger than that.

Quote:

Originally Posted by pianowizard (Post 10059321)

According to https://en.wikipedia.org/wiki/List_o...fice_buildings , there are currently only two office buildings larger than that.

Thats incredible, not only this development but the Pentagon which is still at the top. What an amazing symbol of power.

https://2.bp.blogspot.com/-SnWr1pA_l...3603496_00.gif

Tokyo Torch is like merging two; 270 Park Aves together to get the girth and still have extra floor space available.

The sky park is amazing, can see Mt. Fugi up there..

https://images.adsttc.com/media/imag...jpg?1610615232

That sky park is pretty crazy.