In the United States, Mitsubishi Estate owns large-scale office buildings -- the McGraw-Hill Building and the Time-Life Building -- in New York's Manhattan, and it acquired the One North Central, office building (Previously Phelps-Dodge Tower) located in Phoenix, Arizona, in March 2008. The Company is currently undertaking approximately 30 development projects in nine states, ranging from office condominiums and distribution facilities to homes and multipurpose complexes. In addition to expanding its real estate development business, Mitsubishi Estate aims to establish a global platform by growing its real estate investment management business.

Mitsubishi Estate is also aggressively expanding its U.K. development business in London, England. Through the Paternoster Square Redevelopment Project completed in 2003, the Company has developed a multipurpose complex centered on an office building in the City of London financial district. On the site, we own Warwick Court and 10 Paternoster Square.

Also in the City of London, we completed our second project, the Bow Bells House Redevelopment Project, in December 2007. A joint project with Mitsubishi Corporation, it features an office building with approximately 20,000m² of office space as well as retail shops.

In July 2007, we began participating in the joint Central St Giles Redevelopment Project with Legal & General, a major U.K. life insurance company. As our third redevelopment project in London, located in the city's west end, the complex will encompass 66,000m² of offices, shops and residences. Construction started in September 2007 and is scheduled for completion in the spring of 2010.

In addition, in May 2007, Mitsubishi Estate acquired River Plate House, an office building situated in a prime location within the City of London.

In recent years, real estate investment funds are globalizing their operations, while real estate markets in Asia and other emerging countries have, until recently, been rapidly expanding due to the economic growth in these regions. In response, Mitsubishi Estate has established Mitsubishi Estate Asia Pte. Ltd. in Singapore as its Asian flagship base. This new base began full-scale operations in October 2008.

Mitsubishi Estate Asia will target all Asian regions other than Japan, focusing on new development projects as well as redevelopment projects aimed at enhancing the value of existing real estate.

Central St Giles Redevelopment Project in London
A joint redevelopment project with Legal & General, a major U.K. life insurance company, this complex comprises 66,000m² of offices, retail shops and residences.Construction is scheduled for completion in the spring of 2010.

The McGraw-Hill Building in New York
With 51 floors above ground and five floors below ground, the McGraw-Hill Building boasts total floor space of 237,000m². Located in Manhattan, New York, this offi ce building was completed in March 1972. Mitsubishi Estate first acquired an interest in the building in April 1990.