TOKYO, Japan — According to Nikkei, real estate developer Mitsubishi Estate has partnered with TBS Holdings to revitalize Tokyo’s Akasaka area with an emphasis on entertainment. In fiscal year 2028, the two businesses would invest more than 200 billion yen ($1.8 billion) in Akasaka to restore skyscrapers, a theater, and a performance hall in the hopes of recruiting entertainment tenants. Similar developments are planned for the Yurakucho and Otemachi districts by Mitsubishi Estate. As vaccination rates climb, corporations are beginning to look beyond the COVID-19 pandemic to resurrect consumer spending. As part of the project, Mitsubishi Estate and TBS, the parent company of broadcaster Tokyo Broadcasting System, decided to reconstruct the Kokusai Shin-Akasaka buildings. The two skyscrapers, one housing offices and startups and the other housing hotels and theaters, will be reconstructed on a 15,000-square-meter site. Mitsubishi Estate also intends to create projects in other Tokyo neighborhoods aimed at restoring the arts and entertainment industries. It plans to invest almost 300 billion yen in Yurakucho by 2030 to renovate an ancient structure. It intends to construct new complexes for a convention center and offices, as well as attracting enterprises in the performing arts industry. It plans to finish a 390-meter tall tower near Tokyo Station in fiscal year 2027 in Otemachi. A huge performance hall with roughly 2,000 seats will be housed in the structure for concerts and events./n
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