In the United States, Mitsubishi Estate owns large-scale office buildings--the McGraw-Hill Building and the Time-Life Building--in Manhattan, New York City, and the One North Central office building in central Phoenix, Arizona. In March 2011, the Company acquired the 1101 K Street office building in a prime location on K Street in Washington D.C.'s East End. In addition, the Company is currently undertaking approximately 30 development projects in 10 states, ranging from office condominiums and distribution facilities to homes and multipurpose complexes.

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 financial district of the City of London. Also, we completed the Bow Bells House Redevelopment Project--a joint venture with Mitsubishi Corporation--in 2007 in the City of London, and Bow Bells House was sold in 2010. In London's West End, the Company completed the Central St. Giles Redevelopment Project in April 2010, involving the construction of a multipurpose complex that houses offices, shops and residences. Furthermore, the Company owns River Plate House in the City of London and, in 2011 we acquired the 150 Leadenhall Street office building and the 6-8 Bishopsgate office building, both of which are located close to Lloyd's of London and the Governor and Company of the Bank of England.

Turning to Asia, Mitsubishi Estate has promoted the Hanoi Residential Development Project in Vietnam jointly with CapitaLand Residential Singapore Pte Ltd (CapitaLand)--a leading real estate company in Asia--and other entities since November 2010. Also, the Company has undertaken the development of two high-rise condominium buildings in central Singapore through cooperation with CapitaLand since March 2011.

In April 2011, Mitsubishi Estate established the Shanghai Representative Office in China, a country expected to sustain economic growth over the long term.

Meanwhile, the Company has built a global investment management business platform that enables concerted activities in investor marketing and research, decision making and fund establishment by becoming a strategic investor in Europa Capital in October 2010. Mitsubishi Estate will continue to develop its real estate business on a global scale, leveraging its extensive accomplishments in overseas operations.

1101 K Street in Washington D.C.
Mitsubishi Estate acquired this office building in March 2011. Situated in a prime location of Washington D.C.'s East End, the 10-story building was completed in 2006 and boasts leasable floor space of 27,078m2.

Central St. Giles 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 was completed in April 2010.

Hanoi Residential Development Project in Vietnam
This is a project promoted jointly by Mitsubishi Estate, CapitaLand and other entities. When completed, the residential building will offer 960 residential units on a site measuring approximately 14,000m2.