Mitsui Fudosan America, Inc.
Corporate Overview
Meeting the Challenge
of Global Real Estate Markets
Table of Contents
Mitsui Fudosan Group
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Who We Are
Profile - Comparison of Major Real Estate Players
Financial Highlights
Origins of Mitsui Fudosan
Notable Achievements
Scope of Operations
Global Activities
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Global Organization
Principal Activities
Investment Management
Mitsui Fudosan America
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Mission and Challenge Plan 2008
Track Record/Projects
Asset Management Expertise
Investment Strategies
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Mitsui Fudosan - Who We Are
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Japan’s largest comprehensive real estate company.
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A company with a history of innovation, adaptation and anticipation that
has kept it at the forefront of the real estate industry.
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A company focused on creating value for our investors while
maintaining our position as a global leader in real estate.
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Profile - Comparison of Major Real Estate Players
Asset under management (sq. ft.): Office and Retail
43.5
Mitsui Fudosan
34.69
31.86
24
14.01
12.98
3.26
0
10
20
Nippon Office Building Fund
Sumitomo Real Estate
Mitsubishi Estates
Boston Properties
30
40
50
M sq. ft.
Mori Building
CarrAmerica
Mitsui Fudosan
First Japanese-REIT (J-REIT), sponsored by Mitsui Fudosan, and Sumitomo Life Company
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Origins of Mitsui Fudosan
The history of Mitsui Fudosan goes back to the House
of Mitsui (Mitsui-family), the large Japanese merchant
house that began as a drapery store in Edo (the old name
for Tokyo) opened by Takatoshi Mitsui in 1673.
Takatoshi Mitsui traded in dry goods, chiefly Nishijin
brocades, which he bought in Kyoto and sold in Edo.
His success was due to the boldness with which he
introduced new management methods and marketing
innovations including: cash payment, fixed pricing,
inventory management, selling smaller cuts of cloth,
division of labor, money exchange dealing and advertising.
The spirit of innovation and adaptability that has been a
hallmark of the House of Mitsui for centuries lives today at
Mitsui Fudosan.
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Mitsui Fudosan Notable Achievements
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Sponsorship of Japan’s first REIT (2001)
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Development of Japan’s first factory outlet center (1995)
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Development of Tokyo Disneyland (1983)
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Development of Japan’s first regional shopping mall (1981)
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Development of Japan’s first office skyscraper building (1968)
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Mitsui Fudosan Scope of Operations
As Japan’s largest comprehensive real estate company,
Mitsui Fudosan develops, markets and manages:
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Office buildings
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Hotels
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Housing
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Sports & leisure facilities
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Retail malls
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Mixed-use properties
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Outlet centers
…for our own account and, increasingly, on behalf of third parties.
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Mitsui Fudosan Global Organization
Mitsui Fudosan HQ
Tokyo
Mitsui Fudosan
America
New York
Halekulani
Corporation
Honolulu
Mitsui Fudosan
France
Paris
Mitsui Fudosan UK
London
Mitsui Fudosan Asia
Singapore
T.I. D.
Singapore
J.V. with
Singapore Capital
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Mitsui Fudosan Global Activities
Office Buildings
Over 300 buildings (35,000,000 sq. ft.) under management in
Japan, US, and Europe
Mitsui Fudosan Headquarters
Nihonbashi, Tokyo
(1929)
Kasumigaseki Building
Tokyo
First skyscraper in Japan
(1968), 1,700,000 sq. ft.
Gate City Osaki
Tokyo
Mixed-use Development
(1999), 3,400,000 sq.ft.
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Mitsui Fudosan Global Activities
Office Buildings
Other Major Office Buildings in Tokyo, NY and London
Shinjuku Mitsui Building
Tokyo
(1974), 1,900,000 sq. ft.
1251 Avenue of the Americas
Midtown, New York
(1986), 2,300,000 sq. ft.
20 Old Bailey
London
(1989), 193,000 sq. ft.
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Mitsui Fudosan Global Activities
Retail
Developer and manager of regional shopping malls in more than
30 locations in Japan
Tokyo Bay La La Port
Funabashi, Chiba
(1981), 2,800,000 sq. ft.
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Mitsui Fudosan Global Activities
Outlet Malls
Yokohama Bayside Marina Outlet Mall
Yokohama, Kanagawa
(1998)
La Fette Tama
Osawa, Tokyo
(2000)
Jazz Dream Nagashima
Nagashima, Aichi
(2002)
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Mitsui Fudosan Global Activities
Residential
Developer of 25,492 condominium units and 3,827 single family houses
(1998-2002)
River City 21
Tokyo
756 units
Aoyama Park City
Tokyo
314 units
Park City Shonan
Yokosuka, Kanagawa
161 units
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Mitsui Fudosan Global Activities
Hotels
15 Hotels - 3,470 rooms in Japan ; 2 hotels - 754 rooms in the US
Halekulani Hotel
Oahu, Hawaii
(1983), 456 rooms
Garden Hotel Nara
Nara, Japan
(1998), 330 rooms
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Mitsui Fudosan Investment Management
Shiodome City Center
Tokyo
(2003), 2,300,000 sq. ft.
The Government of Singapore’s 1997
investment (95% of equity) in this Mitsui Fudosansponsored development project prompted the
entry of new investors into the Japanese real
estate market. Mitsui Fudosan directed the site
acquisition, project conception and design,
planning approvals, construction, and leasing
(100% leased upon completion). The firm
continues as property manager, leasing agent
and asset manager.
Tokyo Midtown Project
Roppongi, Tokyo
6,092,000 sq. ft.
Currently, Mitsui Fudosan, with 5 institutional
partners, is developing this 19 acre site in central
Tokyo. The company’s mixed-use development, to
be delivered in 2007, will have as its centerpiece a
54-story office tower capped by a 250-room Ritz
Carlton Hotel, four additional buildings providing
office space, 700-plus condominiums and a unique
urban retail environment with direct access to public
transportation.
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Mission of Mitsui Fudosan
Challenge Plan 2008
Mission
Evolve as Japan’s leading real estate solutions and service provider.
Strategies
Customer-focused Management
Provide investors, end users, and property owners with integrated
solutions to their real estate needs.
Business Model Reform
Become a less capital-intensive business by boosting income from
property development and fee business.
Efficient Group Management
Participate in alliances and mergers and acquisitions where we see
opportunities to enhance our business structure and earnings.
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Mitsui Fudosan America Track Record/Projects
Mitsui Fudosan America
1251 Avenue of the Americas, New York, NY
Office Building, Acquired in 1986
2,300,000 sq. ft
Halekulani Hotel, Waikiki, HI
5-Diamond Hotel, Developed in 1983
456 rooms
461 Fifth Avenue, New York, NY
Office Building, Developed in 1988
202,000 sq. ft.
Sold in 2003
Bedminster One, Bedminster, NJ
Office Building, Acquired in 1987
163,000 sq. ft.
Sold in 1999
Clock Tower Project, San Francisco, CA
Loft Housing Project, Developed in 1992
209,000 sq. ft.
Sold in 1994
505 Montgomery, San Francisco, CA
Office Building, Developed in 1988
333,000 sq. ft.
Sold in 1999
The Crossings At Oak Brook, Oak Brook, IL
Office Complex, Acquired in 1993
300,000 sq. ft.
Sold in 1997
Landmark Building, Canoga Park, CA
Office Building, Purchased in 1986
52,000 sq. ft.
Sold in 1989
2700 Ygnacio Valley Road
Office Building, Acquired in 1985
100,000 sq. ft.
Sold in 1996
The Demonet Building, Washington, DC.
Office Building, Acquired in 1987
96,000 sq. ft.
Sold in 1998
Oak Ridge Business Center, Vista, CA
Business Park, Developed in 1984
563 acre project
Sold in 2000
Amfac Center, Honolulu, HI
Office Building, Acquired in 1988
473,000 sq. ft.
Sold in 2001
Figueroa at Wilshire (Sanwa Bank Plaza), Los
Angeles, CA
Office Building, Developed in 1990
950,000 sq. ft.
Sold in 1999
Palomar Airport Business Park, Carlsbad, CA
Office Park, Developed in 1974
350 acre project
Sold in 1990
AT&T Center, Los Angeles, CA
Office Building, Acquired in 1979
700,000 sq. ft.
Sold in 1999
Waikiki Parc Hotel, Waikiki, HI
Hotel, Developed in 1987
298 rooms
Rancho Palos Verdes Project, Pallos Verdes, CA
Housing Project, Developed in 1988
60 acre, 126 unit project
Sold in 1994
Mitsui Fudosan (France), S.A.
Mitsui Fudosan (UK)
Etoile Tilsitt, 7 rue de Tilsitt, Paris
Office Building, Acquired in 1979
Renovated and converted in 1984
36,000 sq. ft.
Sold in 2001
20 Old Bailey, London
Office Building, Acquired in 1989
193,000 sq. ft.
Currently own 50% interest
St. James Square Building
Office Building, Acquired in 1983
97,000 sq. ft.
Sold in 1999
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Mitsui Fudosan America Track Record/Projects
US Properties
505 Montgomery
San Francisco
Developed in 1988
Figueroa at Wilshire
Los Angeles
Developed in 1990
1251 Avenue of the Americas
New York
Acquired in 1986
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Mitsui Fudosan America Track Record/Projects
US Properties
461 Fifth Avenue
New York
Developed in 1988
Halekulani Hotel
Honolulu
Developed in 1983
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Mitsui Fudosan America Asset Management Expertise
1251 Avenue of the Americas
Mitsui Fudosan America implemented a complete building renovation program, including
renovation of all common areas at 1251 Avenue of the Americas in the early 1990’s. Among
the accomplishments during this re-positioning period at the property, the Company:
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Strategically executed more than 2 million square feet
of new leases during the building renovation program.
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Completed a Comprehensive Asbestos Abatement Program
without disruption to building or tenant operations.
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Installed Class E Fire Alarm, Building Management and
Security Systems.
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Upgraded Elevator Systems and Cabs, Electrical Service and
HVAC System.
Mitsui Fudosan’s renovation and leasing efforts resulted in a doubling of 1251’s NOI and
capitalized value from its 1986 acquisition. The property was also recognized as BOMA’s
International Office Building of the Year for 1997/98.
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Mitsui Fudosan America Asset Management Expertise
461 Fifth Avenue
Mitsui Fudosan America’s quality asset management approach to office properties
provided benefits at its 461 Fifth Avenue development. Notable achievements during
the company’s ownership included:
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BOMA New York Operating Building of the Year in 1996.
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Consistently higher occupancy and rents than its competitive set.
Additionally, faced with a declining leasing market and significant turnover of space in
early 2002 due to the departure of the anchor tenant, which had outgrown the building,
Mitsui Fudosan America:
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Leased 9 floors in a period of 8 months in 2002.
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Achieved rents averaging more than $57 per square foot.
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Realized an opportunistic sale of its leasehold interest at a sub-7% yield
and a total valuation of $460 per square foot (including fee interest).
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Mitsui Fudosan America, Inc.
1251 Avenue of the Americas, Suite 800
New York, NY 10020
Telephone: (212) 403-5600
Fax: (212) 403-5657
www.mitsuifudosan.co.jp/english
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