Shinagawa Canal Building

A-16 Tokyo CBDs Office Medium-size Sponsor&Outside

A stylish building in Shinagawa area that has attracted attention thanks to large-scale redevelopment

This building is located in the Shinagawa area, which is developing as an office area thanks to large-scale redevelopment.
It is an impressive office building featuring an exterior with one side covered entirely in glass and a stylish entrance. It is equipped with a rooftop green space, which is appreciated by occupants as a place to relax.
The closest station is JR Shinagawa, whose station building offers a broad range of retail outlets. It is also the planned departure station for the future Chuo Shinkansen maglev line, so demand for offices in the area is expected to increase even more.

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Related Press Releases

Notice Concerning Property Acquisiton (Conclusion of Contract)
Notice Concerning Property Acquisition (Decision of Property Name)
Notice Concerning Property Acquisition (Conclusion of Contract)“Shinagawa Canal Bldg. (additional ownership)”

Property Overview

Address Minato-ku, Tokyo12-33 Konan 2-Chome
Structure/Floors S  B1/8F Acquisition Price (million yen) 2,041
Total Floor Space (m2) 5,216.21 Leasable Space (m2) 1,870.50
Completed 2008-7 Standard Floor Space (m2) 566.86
Acquisition Date December 19, 2008
March 8, 2019
No. of Tenants 5
Related website
  • (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) 73 74 72 60
Rental Expenses (million yen) 26 22 20 22
NOI from Leasing (million yen) 47 51 51 38
Depreciation (million yen) 10 10 11 11
Rental Income (million yen) 36 40 40 26
Capital Expenditures (million yen) 10 10 19 14
Period-End Occupancy Rate (%) 100.0 100.0 90.8 92.3
NOI Yield (%) 4.6 5.0 5.1 3.7
NOI Yield after Depreciation (%) 3.6 4.0 4.0 2.5
Appraisal Value (million yen) 2,380 2,410 2,360 2,360
Gain or Loss from Valuation (million yen) 498 528 470 467
Cap Rate (%) 3.9 3.9 3.9 3.8
  • (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.

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