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History

Mitsubishi Estate's History

When you hear "Marunouchi," many people may imagine an office district where large companies gather, while others may imagine an innovative city that challenges the cutting edge of the times. Others may have the impression of it being a sophisticated spot lined with famous stores, or a city that is open to the world because of the large number of foreigners living there.

However, 135 years ago, this was a desolate wilderness, and no one, except for a very few, could have imagined that it would develop to this extent.

"Japan needs a business center to support its economic development. We will build it here." Our predecessors poured their passion and determination into this land, turning their vision into reality. And even today, driven by minds passed down from our predecessors, we at Mitsubishi Estate continue to take on the challenge of creating a new Marunouchi and a new Japan.

HISTORY 01
From the Meiji Restoration to the latter half of the Meiji period: The wasteland of Mitsubishigahara was developed into Iccho London.

Marunouchi, where no one could find value.

During the Edo period, the area around present-day Marunouchi was lined with the residences of feudal lords, but after the Meiji Restoration, the area came to be used as military land by the army. In the mid-1880s, as Western powers intensified their advances into East Asia, the Meiji government felt a sense of crisis and impatience and decided to relocate the military in order to expand its armaments. The huge cost of relocation was decided to be raised by selling off Marunouchi. However, at the time, this area was a wasteland with overgrown grass, and due to its location near the Imperial Palace, the building permit standards were strict, and no one could find value in this area. Having had trouble finding a buyer, the government approached Yanosuke Iwasaki, then President & Chief Executive Officer of Mitsubishi. At that time, Heigoro Shoda, whom Yanosuke Iwasaki had placed in high regard, was staying in England to inspect the actual situation in the shipbuilding industry. Heigoro, who was shocked to see the avant-garde streets of London, keenly felt that a Western-style business district was essential in Japan.
At that time, when he learned that the army had put Marunouchi up for sale, he immediately sent Yanosuke a telegram telling him to buy it. He may have intuitively felt that Marunouchi, which is right next to the Imperial Palace, is the perfect place for a Japanese business district. In 1890, Yanosuke bought the entire Marunouchi area. The price is 1,280,000 yen. It was three times the annual budget of the city of Tokyo at the time, and was ridiculed as a reckless decision by those around us. As military facilities were relocated one after another, Marunouchi became a bare field, and the whole area came to be called "Mitsubishi-ga-hara."

Map of the land to be sold from the Meiji government
: Land to be sold by the Meiji government
Photo of Yanosuke Iwasaki
Yanosuke Iwasaki

Make this area the business center of Japan.

Under these circumstances, in 1894, the stately Tokyo Prefectural Office was completed, and the brick Mitsubishi Ichigokan with a Western-style exterior was built. Mitsubishi Ichigokan is the first office building in Japan to house a company or bank. Even in 1904, when the Russo-Japanese War broke out, the only means of transportation in Marunouchi was the tram connecting Hibiya and Otemachi. Of course, no company other than Mitsubishi appears to try to develop Marunouchi. Despite this, Mitsubishi proceeded with development indifferently toward the dream of "making this a business district in Japan", and by 1911, 13 buildings had been constructed. This area, lined with red brick buildings, was called "Iccho London" because the block was exactly 100 meters (1 block), and it began to attract attention.
However, the business model of office space for rent was not widespread at the time, and the business struggled. Some people within the company suggested that the company should build housing, but Mitsubishi was determined to follow through with its belief that "Mitsubishi has a responsibility to make this a model town, and that it is wrong to think that making money is all that is necessary, no matter what we do."

Photograph of Mitsubishi Ichigokan (completion in 1894)
 Mitsubishi Ichigokan (completion in 1894)
Photos from the era of "Iccho London (London)"
“Iccho London”

HISTORY 02
From the Taisho period to the post-war period: Even the war does not destroy the hope for the future.

A timeless symbol, the Marunouchi Bldg., was born.

When the era changed from the Meiji era to the Taisho era, the demand for offices in Marunouchi increased rapidly, partly due to the expansion of transportation infrastructure, including the opening of Tokyo Station. Therefore, the construction of the Marunouchi Bldg., which was the largest at that time, was carried out. The Marunouchi Bldg. was born as a building that symbolizes the cutting edge of the times, including the introduction of an express elevator that connects each floor and the creation of Japan's first office building shopping mall that allows people to freely pass through the building. Another characteristic of this era was the shift from the European style, which emphasized decorativeness, to the American style, which emphasized practicality, as demand for more modern and functional office buildings increased. After the completion of the "Marunouchi Bldg.", the area lined with American-style buildings was known as "Iccho New York" and became the talk of the town, symbolizing the new Tokyo, and the recognition of "Marunouchi" as the representative of Japan's office district. About half a year after the opening of the Marunouchi Bldg., the Kanto region was hit by an unprecedented earthquake, but the Mitsubishi Group's buildings suffered no major damage. Furthermore, we contributed to emergency response by opening the building as an evacuation center for disaster victims. After the earthquake, Marunouchi began to attract the attention of more companies.

Photograph of the Marunouchi Bldg. (completion in 1923)
Marunouchi Bldg. (completion in 1923)

Suffering caused by the Pacific War.

As the Japanese government pushed ahead with rapid modernization, demand for offices continued to grow, and the construction rush continued. In 1937, Mitsubishi Estate was spun off from Mitsubishi Goshi Kaisha (founded in 1893), taking over all the work of the company's construction department. In August 1941, when war with the United States became a reality, a metal recovery order was issued, and the Pacific War broke out in December. All the metal parts in the building, including window frames, handrails, and doorknobs, were collected, and of course, construction of new buildings continued. When Japan's unconditional surrender was decided in 1945, many of the buildings in Marunouchi were requisitioned by the Allied Forces. In addition, the land and buildings in the Marunouchi area, which were supposed to be transferred from Mitsubishi Headquarters to Mitsubishi Estate, were dispersed to two newly constructed real estate companies following the dissolution of the zaibatsu. The real estate owned by Mitsubishi Estate has become a small part of what had been transferred before the war.

A photo of the reservoir that was on the site of the current Shin-Shin-Marunouchi Bldg.
Reservoir at the site of the current Shin-Marunouchi Bldg.

The new Mitsubishi Estate embarked on post-war reconstruction.

Even in such a predicament, Mitsubishi Estate took a new step forward. Commencement construction of the "Shin-Marunouchi Building", which had been suspended due to the war at the foundation construction stage. The lack of funds was compensated by a new procurement method of borrowing construction costs from tenants, and the building was completed in November 1952. It has become a symbol of the Marunouchi area along with the "Marunouchi Building" that stands opposite it. In the same year, Japan returned to the international community with the San Francisco Peace Treaty coming into force. While the use of Mitsubishi's trade name and trademark was permitted, the merger of the three companies, which had been dispersed due to the dissolution of the zaibatsu, was realized. In 1953, in order to contribute to the development of Marunouchi and the development of the Japanese economy, the new Mitsubishi Estate was born to take charge of urban development.

Photo of Shin-Marunouchi Bldg. (completion in 1952)
Shin-Marunouchi Bldg. (completion in 1952)

HISTORY 03
From the period of high economic growth to the latter half of the Showa era: Utilizing the experience of Marunouchi to various fields.

Converted into a world-class business center

In the middle of the 1950s, when the economy entered a period of rapid economic growth, demand for office space surged in Marunouchi. Aiming to create a “beautiful and well-balanced city,” we will invest 50 billion yen in about 10 years. 30 old buildings were demolished, each site was put together into a large block, and 13 large buildings were constructed one after another. In the early 1970s, Marunouchi was reborn as one of the world's leading business centers, combining urban functions and urban environmental beauty. During this period, in addition to the "Marunouchi Comprehensive Remodeling Plan," we also worked on the redevelopment of the Tokiwabashi area, which extends north of Tokyo Station, and the Yurakucho area. After successfully completing these large-scale developments, we expanded the target area of our building business. We sought sites in Akasaka, Aoyama, and Mita, and worked on building development.

A photo of the Marunouchi Bldg. with a banner
At the Tokyo Olympics, a large banner was hung on the Marunouchi Bldg.

Participating in large-scale projects that open up new eras.

Utilizing its experience in the development of Marunouchi, Mitsubishi Estate continued to work on urban development that would become Japan's epoch-making one after another. Participated in the redevelopment of the former Sugamo Prison site in Toshima Ward, which was a national project. "Sunshine City" (completion in 1978) is a huge complex facility that integrates not only offices, commercial facilities and hotels, but also amusement facilities such as aquariums and cultural facilities such as theaters, and has become a pioneer in urban development. In addition, the office building "Sunshine 60" was 240m, the building height Japan at the time. In the 1980s, we participated in the Minato Mirai 21 urban redevelopment project as the largest private land owner. In 1993, "Yokohama Landmark Tower" (296m) was completion as a symbol of Minato Mirai. Based on the basic concept of a "bustling 24-hour city," it attracted attention as Japan's first vertically integrated building with a shopping mall, offices, and a hotel.

Photo of Ikebukuro Sunshine 60 (completion in 1978)
Ikebukuro Sunshine 60 (completion in 1978)
Scenery of the urban redevelopment project "Minato Mirai 21"
Urban Redevelopment Project "Minato Mirai 21"

Aiming to create a rich environment, we have advanced into various businesses.

During the high-growth period, the housing industry also showed remarkable growth, so Mitsubishi Estate also entered residential business. Since 1969, we have been engaged in the construction and sales of condominiums in various parts of the Tokyo metropolitan area, and have also begun selling residential lots and built-for-sale homes. It was also around this time that the Izumi Park Town project, which still boasts one of the largest scale development projects independently undertaken by the private sector in Japan, began on a hill near Sendai. In a vast area comparable to the size of Chiyoda Ward in Tokyo, we have realized urban development based on the concept of "coexistence with nature." The development of the city, which has exceeded 9,900 households and a population of over 26,000, is still ongoing. Mitsubishi Estate has expanded its business into a variety of other fields, including Commercial Facility Business, leisure-related business, and International Business. With the goal of becoming a comprehensive developer that contributes to the creation of an abundant environment that supports and enriches all aspects of human activity, such as living, living, working, relaxing, and having fun, we have embarked on a new challenge.

Photo of Izumi Park Town in Sendai
Izumi Park Town in Sendai City

HISTORY 04
From Showa to Heisei : "Reconstruction of Marunouchi" renews the image of the city.

From a business district to a more attractive town.

Marunouchi has firmly established itself as a top brand in the business district, but in the 1990s, the flow of people began to change with the development of advanced office buildings one after another in neighboring areas such as Shiodome, Shinagawa, and Ebisu. Marunouchi had fallen into the image of a bleak town like a business factory as its facilities were aging. In 1998, Mitsubishi Estate began the "Reconstruction of Marunouchi" in an attempt to break away from the business-only town. Based on the concept of "the city with the most active interaction in the world," we aimed to create new urban functions that can be enjoyed by people who work here and people who visit from outside. Mitsubishi Estate chose to start rebuilding Marunouchi Bldg., which is a symbol of Marunouchi. In 2002, the 31m-building height Marunouchi Bldg. was reborn as the 180m high-rise building. In addition to the cutting-edge office functions, there is also a shopping zone consisting of 5 floors, a restaurant zone consisting of 4 floors, and an interactive zone that serves as a space for disseminating various information. The "New Marunouchi Bldg.," which brought to the fore the new values of "Marunouchi style," became a hot topic even among non-businessmen, and the number of visitors surpassed 2.8 million in just one month after opening. .

Photograph of the new Marunouchi Bldg. rebuilt in 2002
New Marunouchi Bldg. rebuilt in 2002

Transformed into a popular spot where people gather even on Saturdays and Sundays.

Starting with the completion of "Marunouchi Bldg.", "The Industry Club of Japan and Mitsubishi UFJ Trust and Banking Bldg." "Marunouchi Oazo", "Tokyo Bldg.", "Shin-Marunouchi Bldg." Ding" and rebuilding one after another. In addition, the sidewalk in the Naka-dori has been widened from 6 meters to 7 meters, and seasonal events are now held. In this way, a new attraction of shopping, gourmet, culture, and entertainment was born in Marunouchi, which was business-only, and each time the facility opened, it transformed into a lively space. And with the completion opening of "The Peninsula Tokyo" in 2007, the first stage of reconstruction ended. The number of stores and the number of pedestrians on weekends and holidays each tripled compared to before the opening of "Marunouchi Bldg.", creating a new flow of people and new business in the Marunouchi area, once known as the "Monday through Friday district".

Photograph of the Shin-Marunouchi Bldg., which was rebuilt in 2007
Shin-Marunouchi Bldg. rebuilt in 2007 (right)
Current photo of Marunouchi and Tokyo Station
Current Marunouchi and Tokyo Station

HISTORY 05
Gendai: Pioneering the present as the beginning of the future.

The Mitsubishi Ichigokan was revived as an art museum.

The second stage, which aims to further "expand" and "deepen" the reconstruction of Marunouchi, is to bring the "history," "culture," "art," and "relaxation" that Marunouchi will need in the future to the town. It started with the "Marunouchi Park Bldg. / Mitsubishi Ichigokan" project, which revived the museum as an art museum and set up a plaza in the center of the site. Mitsubishi Ichigokan, the first Western-style office building in Marunouchi, was built in 1894 and demolished in 1968 due to its age, but 40 years later, it was decided to rebuild it on the same site according to the original design. In addition to a close examination of design drawings from the Meiji period and measured drawings at the time of demolition, detailed research was conducted on various documents, photographs, and preserved materials to restore the building as faithfully as possible to its original appearance, not only in appearance but also in its structure, layout, and building materials used. Furthermore, in order to function as a museum, we had to meet stricter requirements than the latest office buildings, such as temperature and humidity control, lighting specifications, and security systems. The "Mitsubishi Ichigokan", which symbolized the modernization of Japan at the end of the 19th century, was born in April 2009 as the "Mitsubishi Ichigokan Museum". It is a continuation of the passion of our predecessors who pushed ahead with the construction of the Mitsubishi Ichigokan building in a deserted wilderness long ago, and it is also an initiative to create a new Marunouchi where you can come into contact with culture and art. Ichigokan Plaza is bustling with families unfolding lunch boxes, business people taking a break before returning to the office, and young people talking happily. It was a moment when further expansion and depth were added to the charm of Marunouchi.

A photo of the Mitsubishi Ichigokan Museum, which was revived as an art museum in 2009
Mitsubishi Ichigokan Museum revived as an art museum in 2009

Rebuild Otemachi through chained redevelopment.

One of the goals of the second stage of Marunouchi reconstruction is to expand the vitality and bustle of Marunouchi to Otemachi and Yurakucho, and to promote the strengthening of international competitiveness through the development of an international financial hub and infrastructure. However, there are many companies for whom it is extremely important to continue their business by setting up offices in Marunouchi and Otemachi, and it was extremely difficult to ask them to relocate, even temporarily, outside the area to allow for the development of the city. To solve this problem, a unique method of linked redevelopment was adopted. First, a new building is built on vacant government-owned land, and the companies that were operating in the old building move there all at once. Next, the vacant old building is rebuilt, and the companies that were operating in the other old building are asked to move there, and this method is repeated. This allows companies to continue their business within the area. Using this method, OTEMACHI FINANCIAL CITY was completed in 2012, Otemon Tower JX Building in 2015, Otemachi Financial Tower GRAND CUBE in 2016, HOSHINOYA Tokyo, and Otemachi Park Bldg. in 2011, the city has been completion uncompromisingly to create a disaster-resistant town, and has responded to BCP (business continuity plan) in both hard and soft aspects as a whole town, minimizing the impact of disasters and establishing a system to quickly return to normal business operations. The chain redevelopment will continue with TOKYO TORCH, located north of Tokyo Station, and in 2028, Japan's tallest skyscraper with 62 floors above ground and building height of 385m is scheduled to be completed.

Photo of Otemachi Financial Tower GRAND CUBE (completion in 2016)
Otemachi Financial Tower GRAND CUBE (completion in 2016)

Inheriting the founding spirit and looking ahead of the times.

More than 130 years have passed since Mitsubishi Estate constructed its first building in Marunouchi, and the appearance of the city has changed significantly over the years.
However, what has been passed down from generation to generation there is the recklessness of pioneering the wilderness,
This is the passion of our predecessors who built one of Japan's leading business districts.
In order for Tokyo's Marunouchi area to remain an attractive neighborhood chosen by people around the world, Mitsubishi Estate will continue to look ahead to the future.
We will create value that is truly needed.

History

1890 March Yanosuke Iwasaki, who was the President & Chief Executive Officer of Mitsubishi, received the payment of the Marunouchi War Ministry land and the Kanda Misaki-cho Parade Ground land (more than 353,000 m2)
September Marunouchi Architectural Office established
1893 December Mitsubishi Goshi Kaisha (limited partnership) established
1894 June Mitsubishi Ichigokan, the first office building in Marunouchi, completed
1906 July Real Estate Division established within Mitsubishi Goshi Kaisha
1923 February Marunouchi Building completed
1937 May Mitsubishi Estate Company, Limited established with paid-in capital totaling ¥15 million, with the ownership of the Marunouchi Building and its site, as well as business rights for buildings and land within the Marunouchi area, transferred from Mitsubishi Goshi Kaisha
November Construction-related businesses of Mitsubishi Goshi Kaisha transferred to Mitsubishi Estate
1945 April Ownership of Yaesu Building (completed in March 1928 and renamed Marunouchi Yaesu Building in 1962) and its site transferred from Mitsubishisha Co., Ltd. to Mitsubishi Estate
1950 January Business rights for the Marunouchi site and other land and buildings, excluding those for Marunouchi Building and Yaesu Building, were returned to Mitsubishihonsha Co., Ltd. . Mitsubishihonsha Co., Ltd. dissolved and its operations transferred to two newly established secondary corporations, Yowa Fudosan Ltd. and Kaito Fudosan Ltd.
1952 May Mr. Takejiro Watanabe appointed president
November Shin-Marunouchi Building completed
1953 April Yowa Fudosan and Kaito Fudosan merged with Mitsubishi Estate
May Mitsubishi Estate's shares listed on the Tokyo Stock Exchange and the Osaka Securities Exchange
1959 July Marunouchi Remodeling Plan formulated
1960 February Marunouchi Parking Area completed
1962 December Hokkaido Building completed
1969 May Mr. Otokazu Nakata and Mr. Takejiro Watanabe appointed president and chairman, respectively
Akasaka Park House offered for sale in lots, marking the launch of the Condominium Business
1972 April Mitsubishi Estate New York Inc. established
June The first phase of the Izumi Park Town Project launched
December Mitsubishi Real Estate Services Co., Ltd. established
1973 November Branches established in Sapporo, Sendai, Nagoya and Osaka
1975 May Semiannual settlement of accounts changed to annual
1978 October Shin Aoyama Building completed
1980 June Mr. Tatsuji Ito and Mr. Otokazu Nakata appointed president and chairman, respectively
1981 October Hibiya Kokusai Building completed
1983 April  Nagoya Dai-Ichi Hotel opened (renamed Royal Park Inn Nagoya in April 2001)
November MEC USA, Inc. established
1984 July Mitsubishi Estate Home Co., Ltd. established
1986 March MEC UK Limited established
July The first consolidated financial statements announced
October Yokohama Office established (reorganized as Yokohama Branch in April 2000)
1987 June  Mr. Jotaro Takagi appointed president
1988 January Yokohama Minato Mirai 21 Block-25 Development Plan announced
1989 April Tenjin MM Building (IMS) opened in Fukuoka City
June Royal Park Hotel in Hakozaki, Tokyo opened
July  Hiroshima Park Building completed
Hiroshima Branch (renamed Chugoku Branch in April 2000) and Kyushu Branch established
1990 February Participation in the City of London's Paternoster Square Project announced
April Capital investment in the Rockefeller Group, Inc. initiated
September  Construction of Ryokuendai New Town commenced
1993 July Akasaka Park Building completed
Yokohama Landmark Tower completed
September Yokohama Royal Park Hotel opened
1994 June Mr. Takeshi Fukuzawa and Mr. Jotaro Takagi appointed as president and chairman, respectively
1995 November Reconstruction of Marunouchi Building announced
1996 January Osaka Amenity Park (OAP) completed
November Head Office relocated to Tokyo Building
1999 April  Reconstruction of Marunouchi Building commenced
2000 April Aqua City Odaiba commercial complex opened under the management of Mitsubishi Estate subsidiary Aqua City Co., Ltd. (renamed Mitsubishi Jisho Retail Property Management Co., Ltd. in July 2007)
​
November Royal Park Hotels and Resorts Co., Ltd. established
2001 April Takeshi Fukuzawa Board of Directors of the Director and Shigeru Takagi appointed President & Chief Executive Officer
June Started Mitsubishi Jisho Sekkei Inc., Ltd., which was spun off from the Architectural Design & Engineering Business Headquarters.
September Mitsubishi Jisho Investment Advisors, Inc. established
2002 March Properties and equipment revaluated in accordance with the Law Concerning Revaluation of Land and other relevant laws and regulations
September  Marunouchi Building opened (completed in August)
2003 February  Mitsubishi Trust and Banking Building completed (renamed Mitsubishi UFJ Trust and Banking Building in October 2005)
​
March Head Office relocated to Otemachi Building
April  Introduction of an executive officer system
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May Paternoster Square completed in the City of London
July  Royal Park Shiodome Tower opened
2004 September  Marunouchi OAZO opened (completed in August)
December Capital investment in Towa Real Estate Development Co., Ltd. initiated
2005 March  Construction of Shin-Marunouchi Building commenced
June  Mr. Keiji Kimura appointed president
November Tokyo Building opened (completed in October)
2007 April Implementation of organizational reforms
(Abolishment of the business division system, introduction of a responsible officer system, etc.)
April Shin-Marunouchi Building opened
September The Peninsula Tokyo opened (completed in May)
2008 January Towa Real Estate Development turned into a Mitsubishi Estate consolidated subsidiary
March  Sunshine City Corporation turned into a Mitsubishi Estate consolidated subsidiary
April Implementation of organizational reforms (introduction of business groups, etc.)
October  Mitsubishi Estate Asia Pte. Ltd. commenced operations
2009 March Chelsea Japan Co., Ltd. turned into a Mitsubishi Estate consolidated subsidiary
April  Towa Real Estate Development turned into a Mitsubishi Estate wholly owned subsidiary
April  Marunouchi Park Building & Mitsubishi Ichigokan completed
September "Marunouchi BRICK SQUARE BRICK SQUARE" opened
2010 March  Construction under the Osaka Station North District Phase 1 Development Project commenced
April Mitsubishi Ichigokan Museum opened
2011 January Mitsubishi Estate Residence Co., Ltd. established through company spin-offs and the subsequent integration of residential development and sales businesses of Mitsubishi Estate, Mitsubishi Real Estate Services Co., Ltd. and Towa Real Estate Development Co., Ltd.
April Mr. Keiji Kimura and Mr. Hirotaka Sugiyama appointed chairman and president, respectively
April  Shanghai Representative Office established
year 2012 January  Marunouchi Eiraku Building completed
October  Otemachi Financial City completed
2013 April  Grand Front Osaka opened
April  MARK IS shizuoka opened
June MARK IS minatomirai opened
2014 April Mitsubishi Estate Building Management and Mitsubishi Estate Property Management integrated
December Singapore CapitaGreen completed
2015 January TA Realty LLC acquired
October  Dai Nagoya Building completed
November Otemon Tower ・JX Building completed
2016 April  OTEMACHI FINANCIAL CITY GRAND CUBE completed
June  Transitioned to a"Company with Nominating Committee,etc."organizational structure
2017 January  Otemachi Park Building completed
April Mr. Hirotaka Sugiyama and Mr. Junichi Yoshida appointed chairman and president, respectively
April Head Office relocated to Otemachi Park Building
2018 January Moved head office to Otemachi Park Bldg.
October Marunouchi Nijubashi Bldg completed
2019 January Mitsubishi PT. Mitsubishi Estate Indonesia and Mitsubishi Estate Vietnam Company Limited established 
2020 September Mizuho Marunouchi Tower / Ginkokaikan / Marunouchi Terrace completed
2021 April Merger of Mitsubishi Mitsubishi Jisho Property Management Co., Ltd., Ltd. and Mitsubishi Jisho Retail Management Co., Ltd.
June TOKYO TORCH "Tokiwabashi Tower" completed

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