JPR Crest Takebashi Bldg.

A-5 Tokyo CBDs Office Medium-size Sponsor

A high-grade office building with an excellent view

The building occupies a location adjacent to the Otemachi area that has high accessibility to public transportation, within walking distance of Takebashi and Jinbocho subway stations as well as JR Kanda Station.
It features a highly impressive facade and an entrance adorned with plants. Since it faces a major avenue, it also has an excellent view, with the middle and upper levels overlooking the greenery of the Imperial Palace grounds. The layout has plenty of flexibility, offering comfortable office spaces equipped with break rooms on each floor and the like.

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Property Overview

Address Chiyoda-ku, Tokyo21-4 Kandanishikicho 3-Chome
Structure/Floors SRC  B1/9F Acquisition Price (million yen) 4,000
Total Floor Space (m2) 4,790.68 Leasable Space (m2) 3,265.34
Completed 1999-9 Standard Floor Space (m2) 396.79
Acquisition Date June 21, 2002 No. of Tenants 8
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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.

Management Status

37th 38th 39th 40th
Rental Revenues (million yen) 124 127 121 119
Rental Expenses (million yen) 30 36 38 52
NOI from Leasing (million yen) 93 91 82 66
Depreciation (million yen) 12 12 13 13
Rental Income (million yen) 80 78 69 52
Capital Expenditures (million yen) 3 10 11 90
Period-End Occupancy Rate (%) 100.0 100.0 100.0 100.0
NOI Yield (%) 4.7 4.5 4.2 3.3
NOI Yield after Depreciation (%) 4.0 3.9 3.5 2.6
Appraisal Value (million yen) 3,770 3,780 3,790 3,790
Gain or Loss from Valuation (million yen) 560 573 584 508
Cap Rate (%) 3.8 3.8 3.8 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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