Oval Court Ohsaki Mark West

A-10 Tokyo CBDs Office Large Sponsor

An office building focused on tenant needs in the redeveloped Osaki area

This building is located in an emerging office area that is becoming increasingly well-known thanks to the redevelopment around the JR Osaki Station district as a sub-center of Tokyo.
There is abundant greenery in the vicinity, including many plants growing on the grounds of the building and rows of roadside trees extending along the nearby streets. There is over 300 tsubos of space per floor, while the layout of the rental offices offers plenty of flexibility. It is equipped with raised floors, 2.7 meter-high ceilings, and high-level specifications. What's more, tenants' needs have been taken into consideration--for example, by setting up smoking rooms and break rooms on each floor.

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Related Press Releases

Notice Concerning Execution of a Purchase and Sale Agreement in Connection with the Acquisition of the Oval Court Ohsaki Mark West

Property Overview

Address Shinagawa-ku, Tokyo17-1 Higashigotanda 2-Chome
Structure/Floors S, SRC  B2/17F Acquisition Price (million yen) 3,500
Total Floor Space (m2) 28,575.80 Leasable Space (m2) 4,088.44
Completed 2001-6 Standard Floor Space (m2) 997.29
Acquisition Date June 1, 2004 No. of Tenants 1
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  • (Note1) The abbreviations of the “Structure/Floors represent the following, respectively:
  • S: steel-framed RC: reinforced concrete SRC: steel-framed, reinforced concrete
  • (Note2) The acquisition price indicates the transfer price stated in the real estate transaction agreement or trust beneficiary transfer agreement, rounded down to the nearest million yen, and excludes various expenses required for the acquisition of the relevant real estate, etc. and consumption tax, etc.
  • (Note3) The “Total Floor Space” indicates the area of the entire building (including the interests owned by other sectional owners or co-owners) based on the registry.
  • (Note4) The “Leasable Space” indicates the area of the portions owned by JPR.

Floor Plan (Japanese)

Management Status

37th 38th 39th 40th
Rental Revenues (million yen) 203 204 211 -
Rental Expenses (million yen) 79 82 102 -
NOI from Leasing (million yen) 123 121 109 86
Depreciation (million yen) 15 14 14 14
Rental Income (million yen) 108 106 94 71
Capital Expenditures (million yen) 0 0 2 0
Period-End Occupancy Rate (%) 100.0 100.0 100.0 100.0
NOI Yield (%) 7.1 6.9 6.3 4.9
NOI Yield after Depreciation (%) 6.3 6.1 5.4 4.0
Appraisal Value (million yen) 5,450 5,430 5,050 5,110
Gain or Loss from Valuation (million yen) 2,682 2,677 2,309 2,384
Cap Rate (%) 3.8 3.8 3.9 3.9
  • (Note1) Period-end occupancy rate = Leased space/Leasable space
  • (Note2) Annualized NOI yield = (Rent revenue - Realestate expenses related to rent business) + Depreciation/Acquisition price
  • (Note3) Annualized NOI yield(after depreciation) = (Rent revenue - Realestate expenses related to rent business)/Acquisition price
  • (Note4) Unrealized gains or losses = Appraisal value - Book value
  • (Note5) Cap rate indicates the capitalization rate by the direct capitalization method. Direct capitalization method is one of the methods to calculate the value estimated by income approach (a method to estimate the value of the target property by calculating the sum total of present value of the net operating income which the target property is expected to generate in the future), and capitalizes the net operating income of a certain period by using the capitalization rate.
  • (Note6) The amounts and areas are rounded down to the nearest specified unit, and the percentages and other figures are rounded off to the nearest specified unit.
  • (Note7)Due to unavoidable circumstances, the sum total of rental revenues and the sum total of rental expenses, etc. of the property are not disclosed.

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