MS Shibaura Bldg.

A-6 Tokyo CBDs Office Very large Sponsor

A large-scale office space with approximately 600 tsubos per floor

This building is located in Shibaura, an area lined with office buildings and high-rise condominiums where waterfront development is underway.
Facing Kyu-kaigan-dori Street, it is a large-scale, spacious building with a total floor space of approximately 9,300 tsubos (approx. 600 tsubos per floor), giving it a strong competitive advantage in the area. It employs zonal air-conditioning that enables temperature and air flow to be controlled separately, and also offers a well-equipped office environment, including a convenience store on the first floor.

Access Map

Related Press Releases

Notice Concerning Acquisition of MS Shibaura Building
Notice Concerning Change in Tenant

Property Overview

Address Minato-ku, Tokyo13-23 Shibaura 4 Chome
Structure/Floors SRC, RC, S  B2/13F Acquisition Price (million yen) 11,200
Total Floor Space (m2) 31,020.21 Leasable Space (m2) 14,468.38
Completed 1988-2 Standard Floor Space (m2) 1,961.37
Acquisition Date March 28, 2003 No. of Tenants 10
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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) 469 488 492 493
Rental Expenses (million yen) 131 139 135 132
NOI from Leasing (million yen) 338 348 357 361
Depreciation (million yen) 57 57 59 59
Rental Income (million yen) 280 290 298 301
Capital Expenditures (million yen) 3 59 1 20
Period-End Occupancy Rate (%) 100.0 100.0 100.0 100.0
NOI Yield (%) 6.1 6.2 6.4 6.4
NOI Yield after Depreciation (%) 5.0 5.2 5.4 5.3
Appraisal Value (million yen) 15,000 15,300 15,300 15,900
Gain or Loss from Valuation (million yen) 4,146 4,444 4,502 5,140
Cap Rate (%) 4.1 4.1 4.1 4.0
  • (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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