Mitsubishi Estate Co., Ltd announced that it decided to transfer the Nagoya Hirokoji Building to the Japan Real Estate Investment Corporation during the first half of fiscal 2001. It was approved at the board of directors meeting held today. The purpose of the transfer is to realign its assets to facilitate the redevelopment of the Marunouchi district, where the firm’s core assets are located. The transfer is also aimed to construct the core portfolio of the J-REIT, which is established by the firm and other two companies, i.e. Tokyo Marine & Fire Insurance Co., Ltd. and Dai-ichi Mutual Life Insurance Co., Ltd. An outline of the property is provided below.