Chiyoda ofice building converted to serviced apartments and office suites

Hive Tokyo 1

NTT Urban Development have converted a 22-year old office building in Chiyoda-ku into a mixed-use serviced apartment, share office and serviced office space.

‘Hive Tokyo’ (formerly Pacific Square Kudan Minami) is targeted towards both Japanese and foreign clients. The 10-storey building is located across the street from the Yasukuni Shrine and a 6 minute walk from Ichigaya Station. The building is scheduled to open in August 2015.

Hive Tokyo 2

Floors 2 and 3 contain serviced and furnished offices (14 ~ 18 sqm) ranging from 130,000 ~ 170,000 Yen/month.

The three furnished apartments on the 4th floor range in size from 18 ~ 40 sqm and are priced from 170,000 ~ 320,000 Yen/month. This floor also contains shower booths, a mini kitchen and laundry machines.

Premium offices on floors 7 and 8 are unfurnished and lease terms start from two years. The 20 ~ 48 sqm offices are priced from 170,000 ~ 320,000 Yen/month.

Clients can share the lobby, reception desk and community terrace on the 9th floor.

The top floor contains a shared office space with 8 free-desks and 4 fixed-desks. Prices range from 20,000 ~ 45,000 Yen/month.

The serviced offices, shared offices and apartments can be rented on a monthly basis.

NTT acquired the office building from a real estate fund in February 2008. Despite being in a prime location, it was suffering from a rising vacancy rate. With a floor plate of just 130 sqm and competition from numerous other similarly sized buildings in the neighbourhood, it was providing a poor return. Since the market for hotels and share offices is seeing a lot of competition domestically, NTT decided to pursue foreign businesspeople looking for short-term accommodation and office space in central Tokyo.

Converting some of the floors into residential and serviced apartment use required some alterations in order to meet zoning regulations. For example, evacuation balconies and new emergency exits had to be provided. There were also some concerns about meeting the standards required under the Hotel Business Law. To make the building compliant for renting on a nightly basis, the water supply, gas, electricity and other utilities would have required extensive repairs and upgrades. In the end it was decided to forgo the overnight rental option and lease the residential apartments on monthly leases, which do not require hotel licensing.

Location

Sources:
Hive Tokyo ()
NTT Urban Development Press Release, June 24, 2015.
Kenplatz, July 3, 2015.

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