JPR Ueno East Bldg.

B-7 Greater Tokyo Office Medium-size Sponsor

A modern, high-grade building with a glass exterior

With its impressive curved blue glass exterior, this office building conveys a strong sense of quality. It has an average of approximately 230 tsubos per floor and high-quality facilities, including individual air-conditioning and raised floors.
The building is also much appreciated for its exceptional transportation convenience, being located a 4-minute walk from Inaricho subway station along Asakusa-dori Street in a commercial district formed by well-established stores and office buildings. The tenants are primarily sales offices and affiliates of major companies, some of whom have been there for many years, so the tenant reliability and high retention rate are also appealing features of the building.
What's more, it has received DBJ Green Building Certification recognizing it as having "high environmental and social awareness."

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Related Press Releases

2004.2.13
Notice Concerning Execution of Purchase and Sales Agreement in Connection the Acquisition of the SEF Building
2004.3.01
Notice Concerning Acquisition of the SEF Building

Property Overview

Address Taito-ku, Tokyo3-5 matsugaya 1 Chome
Structure/Floors S, SRC  B1/8F Acquisition Price (million yen) 3,250
Total Floor Space (m2) 8,490.44 Leasable Space (m2) 6,454.84
Completed 1992-10 Standard Floor Space (m2) 810.52
Acquisition Date March 1, 2004 No. of Tenants 10
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.
  • (Note5) As of Apr. 2021, the "Leasable space" was changed from 6454.84 to 6454.83.

Management Status

35th 36th 37th 38th
Rental Revenues (million yen) 177 179 177 182
Rental Expenses (million yen) 53 57 54 62
NOI from Leasing (million yen) 124 122 123 120
Depreciation (million yen) 25 26 27 27
Rental Income (million yen) 98 95 96 92
Capital Expenditures (million yen) 13 24 4 10
Period-End Occupancy Rate (%) 100.0 100.0 100.0 100.0
NOI Yield (%) 7.7 7.4 7.6 7.3
NOI Yield after Depreciation (%) 6.1 5.8 5.9 5.7
Appraisal Value (million yen) 5,210 5,380 5,380 5,400
Gain or Loss from Valuation (million yen) 2,269 2,442 2,464 2,501
Cap Rate (%) 3.8 3.7 3.7 3.7
  • (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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