Takashimaya pays 442 million USD for two office buildings in Nihonbashi

Takeda Pharmaceutical has sold two of their buildings in downtown Tokyo to the Takashimaya Department Store for a reported price of 49.5 billion Yen (approx. 442 million USD). Delivery of the buildings is scheduled for March 2019. Both properties were owned by Takeda’s real estate division. Takeda will be putting the proceeds from the sale towards their research for new cancer treatments.

The Tokyo Takeda Building and adjoining Takeda Shin Edobashi Building are located a block behind Takashimaya’s Nihonbashi store. The block to the north and east of the historic department store is currently being redeveloped into two high-rise office towers ranging from 140 ~ 176 meters tall and with completion expected in early 2018 and early 2019.

287m tall high-rise planned for Nihonbashi

Details on the Nihonbashi 1 Chome Central District Redevelopment have been announced. The project will include a 287m tall high-rise with office, hotel and serviced apartments, as well as several low-rise retail, office and residential buildings.

The high-rise tower will be taller than Tokyo Midtown (248m), Toranomon Hills (247m) and the Tokyo Metropolitan Government Building (242m), but shorter than the 390m tall tower planned for the Tokiwabashi Redevelopment Project located 300 meters to the west of the Nihonbashi site.

Nihonbashi expressway may be moving underground

The unsightly Metropolitan Expressway that runs above the historic Nihonbashi Bridge in downtown Tokyo may be shifted underground. On July 21, the Ministry of Land, Infrastructure, Transport and Tourism announced that they have started investigations into the relocation of the highway.

Construction would begin after the 2020 Summer Olympics and form part of the district’s ongoing redevelopment. The project could cost as much as 500 billion Yen (4.5 billion USD).

Mitsui starts work on Nihonbashi 2 Chome Redevelopment

Nihonbashi redevelopment 3

On November 13, Mitsui Fudosan announced that they have started construction on the Nihonbashi 2 Chome District Redevelopment Project. This redevelopment forms an important part of the second stage of the Nihonbashi Revitalisation Plan.

The 2.6 hectare site includes the historic Nihonbashi Takashimaya Department Store. The important cultural property was built in 1933 and will be retained as part of the new development. The rooftop terrace and gardens will be upgraded and expanded to cover a 6,000 sqm space with footbridges connecting the rooftop to the neighboring office buildings.

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