Taisei Corp., Japan's fifth-largest contractor, won an order from Japan Post Group to redevelop the former main post office next to Tokyo Station.
The order is worth ¥87.6 billion, Taisei spokesman Yasukiyo Saito said Friday, confirming an earlier report by the Nikkei newspaper. A 38-story office building is scheduled for completion on the site, in the center of the financial district, by fiscal 2011.
Japan Post, which is seeking more than ¥20 billion in annual revenue for its real estate business within three years, owns ¥3 trillion worth of properties throughout Japan.
Japan Post Group, previously the nation's state-run postal service, is being privatized under legislation pushed through in October 2005.