Overseas Real Estate
About Our Overseas Real Estate Business
One of Mori Trust’s business strategies in “Advance2027”, the company’s mid to long term vision, is to invest not only in Japan, but also to invest in overseas real estate with the aim of building a stable asset portfolio amid global economic fluctuations.
As part of this strategy, Mori America LLC, a U.S. subsidiary, was established on November 7, 2016 to promote investment in the United States.
(1) 10 St. James Avenue / 75 Arlington Street (Boston)
In January of 2017, we acquired two office buildings in Boston, Massachusetts (US), as the first step in our investment into real estate overseas, which is one of the business strategies outlined in our medium- to long-term vision: “Advance2027.”
The properties are located in the Back Bay area, which is popular as an office area given its location, which is surrounded by luxury boutiques, restaurants, hotels and luxury homes.With two buildings and approximately 80,000 m² of rentable space, One of the properties is rare (for the area), A-class, modern high-rise building and the other has over 100 years of history.
Of these, 10 St. James Avenue won an award at the BOMA Boston 2016 TOBY & Industry Awards,
one of the largest commercial real estate awards in the United States and was very highly praised for its functionality and design.
| Property Name | 10 St. James Avenue |
|---|---|
| Property Address | 10 St. James Avenue, Boston, MA 02116 |
| Rentable Area | 565,793 sq. ft (Approx. 52,564 m²) |
| Number of Floors | 19 floors above ground and 4 below ground |
| Year Built | 2000 |
| Year of Acquisition | 2017 |
| Property Name | 75 Arlington Street |
|---|---|
| Property Address | 75 Arlington Street, Boston, MA 02116 |
| Rentable Area | 258,979 sq. ft (Approx. 24,060 m²) |
| Number of Floors | 10 floors above ground and 1 below ground |
| Year Built | 1913 (2009-2013 renovation) |
| Year of Acquisition | 2017 |
(2) 15 Necco Street Boston(Boston)
In April 2023, we expanded our overseas investment business by participating in a laboratory and office development project. The project is a joint venture with an affiliate of Alexandria Real Estate Equities, Inc., the premier owner, operator and developer of collaborative life science campuses, and National Development, one of the most active real estate investment and development firms in New England.
| Property Name | 15 Necco Street |
|---|---|
| Property Address | 15 Necco Street, Boston, MA 02210 |
| Rentable Area | 345,995 sq. ft (Approx. 32,143 m²) |
| Number of Floors | 12 floors above ground and 1 below ground |
| Scheduled Completion | November 2023 |
| Partners | Alexandria Real Estate Equities, Inc. National Development |
(3) 245 Park Avenue (New York)
In June of 2023, we have invested in 245 Park Avenue, an office building located in Manhattan, New York.
The property will be jointly owned by SL Green Realty Corp., Manhattan’s largest real estate company, and will be renovated by 2025.
The property is located along Park Avenue, home to several of the world’s leading companies, and is directly connected underground to Grand Central Terminal, which has more platforms than any other railroad station in the world and is known as the gateway to New York.
For the renovation plan to increase the added value of the building, we plan to renovate the interior and exterior as well as develop a rooftop bar, fitness center, and tenant lounge by 2025.
(current condition prior to rennovaion)
| Property Name | 245 Park Avenue |
|---|---|
| Property Address | 245 Park Avenue, New York, NY 10029,USA |
| Rentable Area | 165,627㎡ (1,782,793 sq.ft) |
| Number of Floors | 45 floors above ground |
| Year Built | 1967 |
| Year of Acquisition | 2023 |
(4) 601 Massachusetts Avenue (Washington, D.C.)
In August 2022, we acquired an office building located in Washington, D.C. The property has received gold certification according to the “LEED” environmental performance evaluation index, and is an office building featuring excellent environmental performance. The White House and other government agencies are found in the surrounding area, with world-famous tech companies also having offices there. It is an area where further growth is expected in the future.
| Property Name | 601 Massachusetts Avenue |
|---|---|
| Property Address | 601 Massachusetts Avenue NW, Washington, D.C. |
| Rentable Area | 478,882 sq. ft (Approx. 44,488 m²) |
| Number of Floors | 11 floors above ground and 5 below ground |
| Year Built | 2015 |
| Year of Acquisition | 2022 |
(5) 2235 & 2245 Monroe Street (Northern Virginia)
In March 2022, we acquired two office buildings located in Northern Virginia in the United States.The property is located near the main road connecting Washington, D.C., the capital of the US and Dulles Airport. It is also in a great location that is close to the new metro station. The area is called the Dulles Technology Corridor and is comprised of high-tech clusters of promising tech companies and data centers.
| Property Name | (1) 2235 Monroe Street | (2) 2245 Monroe Street |
|---|---|---|
| Property Address | 2235 Monroe Street, Herndon, VA | 2245 Monroe Street, Herndon, VA |
| Rentable Area | 161,359 sq. ft (Approx. 14,991 m²) | 162,357 sq. ft (Approx. 15,083 m²) |
| Number of Floors | 6 floors above ground | 6 floors above ground |
| Year Built | 2002 | 2002 |
| Year of Acquisition | 2022 | 2022 |
Properties held in the past
(6) 110, 120 & 130 Holger Way (San Jose)
Comprised of three office buildings (and one parking lot building), this property is an excellent, large-scale property that has received a gold certification based on the “LEED” environmental performance index. The property was acquired in March 2019 due to its location in a high-growth area surrounded by a concentration of leading global companies.
The property, which was built not that long ago and is fully occupied by high-quality tenants, was sold in July 2021 after a holding period of approximately 2 years and 4 months since acquisition owing to the high praise it received from investors as a stable asset, meaning that investment demand was solid at that time.
| Property Name | (1) 110 Holger Way | (2) 120 Holger Way | (3) 130 Holger Way |
|---|---|---|---|
| Property Address | 110 Holger Way, San Jose, CA | 120 Holger Way, San Jose, CA | 130 Holger Way, San Jose, CA |
| Rentable Area | 140,043 sq. ft (Approx. 13,010 m²) | 227,583 sq. ft (Approx. 21,143 m²) | 236,040 sq. ft (Approx. 21,929 m²) |
| Number of Floors | 4 floors above ground | 7 floors above ground | 7 floors above ground |
| Year Built | 2010 | ||
| Year of Acquisition | 2019 | ||
| Year of sale | 2021 | ||