Mitsubishi Estate

The “Marunouchi Manhattan Plan,” and the rebuilding of the Marunouchi Building into a mixed-use city (1988)

Key decision·1988· Mitsubishi Estate — the full company history →

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


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 →


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  • Sources are primarily each company’s securities reports and other public filings, but errors and omissions may remain.
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Data API

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Method Endpoint Returns
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GET /api/8802/manifest.json Resource index
GET /api/8802/history.json History overview
GET /api/8802/timeline.json Chronology
GET /api/decisions.json All management decisions (index)
GET /api/8802/decisions.json Management decisions (index)
GET /api/8802/decisions/{slug}.json One decision (full dossier)
GET /api/8802/executives.json Executives
GET /api/8802/shareholders.json Major shareholders
GET /api/8802/financials.json Financial statements
GET /api/8802/financials-longterm.json Long-term results
GET /api/8802/segments.json Business segments
GET /api/8802/regions.json Sales by region
GET /api/8802/workforce.json Workforce