Home builder Sekisui House Ltd. said Tuesday it will develop land formerly owned by Sony Corp. in Tokyo into an office and residential complex.
Sekisui will build two office buildings and one apartment structure by 2011 on the 25,000-sq.-meter plot in Shinagawa Ward it bought from Sony last year. Sekisui announced the project at a news conference in Tokyo.
The office vacancy rate in the five central wards of Chiyoda, Chuo, Minato, Shinjuku and Shibuya fell for a fifth month to 2.49 percent in November, the lowest in at least six years, while rents headed for the biggest gain since 2004.