The “Marunouchi Manhattan Plan,” and the rebuilding of the Marunouchi Building into a mixed-use city (1988)
What it means that a company whose grand plan failed began with a building of its own
The picture drawn in 1988 and the building that stood in 2002 are not the same thing. A vision of roughly sixty towers of forty to fifty storeys across 113 hectares broke against the objection — what gives you the right to redo other people’s buildings? — and what actually moved was the rebuilding of one property the company itself owned. When President Fukuzawa Takeshi gave his reasons for the rebuild, they were not about the district’s future either, but the findings of the post-earthquake seismic assessment and the fact that adding shear walls would make the floors unusable. A company refused by its neighbouring landowners can be seen to have started changing the district from the one building nobody could argue about.
The caution of the method and the boldness of the content were, though, separate matters. Devoting forty thousand square metres from the first basement to the sixth floor to retail overturned the trade’s settled belief that shops do not succeed in Marunouchi, and the floor-area ratio was built up to 1,437% by using the special district system and transferring unused rights from a neighbouring building. A district levelled to nine concrete storeys by the 1959 plan was, forty years later, rebuilt by exhausting every device for adding floors. That it began by admitting frankly how functionally obsolete the building had become is perhaps what made the turn possible.
Revenue and net margin, FY1983–FY1993
Revenue in ¥ bn (bars) and net margin in % (line), for the years around the decision. Shaded columns are FY1988 onwards — after it was taken.
Source: securities reports
Read the full dossier in Japanese →
The Japanese edition carries the complete record of this decision — the situation that forced it, the options weighed, what actually followed, and the sources behind every claim.
Other key decisions at Mitsubishi Estate
- 1890 Founding: from a Marunouchi auction with no bidders to Japan’s largest property company (1890)
- 1953 Split into three by the dissolution of the zaibatsu — and reunified three years later (1953)
- 1959 The Marunouchi Comprehensive Redevelopment Plan: from red brick to a city of nine-storey blocks (1959)
- 1990 Taking control of the Rockefeller Group — and quitting the Rockefeller Center investment five years later (1990)
Yen amounts are converted at the average rate of each figure’s own year — not today’s rate; the revenue chart is shown in yen. Exchange rates & sources — the full ¥/US$ table →
Disclaimer
- This page is provided for general information only and is not investment advice, nor a recommendation to buy or sell any security.
- Figures are compiled independently and include our own estimates, approximations and machine-processed data; we make no warranty as to their accuracy or completeness.
- Sources are primarily each company’s securities reports and other public filings, but errors and omissions may remain.
- Any use of this information is at the reader’s own risk. Past performance does not indicate future results.
- Company names, logos and other marks belong to their respective owners.
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