Elevating the Value of Historical Buildings: Alcazar's Office Transformation

Elevating Historical Value in Ebisu: The Alcazar Transformation

In an ambitious move to increase the value of a historic building, Sapporo Real Estate Development Inc. has successfully converted the 201 section of its "Alcazar" building into a modern setup office. Located in the vibrant Ebisu district of Shibuya, Tokyo, this initiative aims not only to enhance the building's appeal but also to foster a community for collaboration and innovation.

Ebisu has long been a significant location for Sapporo Group, dating back to 1889 when the company established a brewery that eventually produced the famous Yebisu beer. The site has since evolved, with the launch of the Ebisu Garden Place in 1994, becoming a landmark that has complemented the neighborhood for over 30 years. Recognizing Ebisu's rich history and thriving environment, Sapporo Real Estate has designated it as a key strategic area, working diligently to foster local development and improve property offerings.

The renovation of the Alcazar property showcases the company’s commitment to transforming older commercial buildings into desirable spaces. Drawing from their expertise within their Sreed series of office brands, they are poised to redefine workspace environments. In July 2024, they refreshed the basement section, which saw rapid leasing after the completion. Now, upon the vacancy in the second-floor 201 section, the office is receiving a similar transformation aimed at modernizing its facilities to meet the rising demand for setup offices in the area.

Setup offices provide several advantages for both property owners and tenants. For owners, these spaces decrease lead time to secure tenants significantly, while tenants benefit from reduced renovation costs and shorter downtime during transitions. Such setups are becoming increasingly popular in Ebisu as demand continues to grow.

Previously, securing tenants for properties over 30 years old often took considerable time; however, thanks to the recent renovations, Sapporo Real Estate has managed to drastically reduce this lead time. In fact, prior to completing the finishing touches on interior renovations, they secured a lease agreement, achieving an impressive 30% increase in rental rates right before and after occupancy.

The revamped space now includes dedicated meeting rooms, lounge areas, and well-designed office facilities tailored to foster productivity and enhance the work environment. By prioritizing functional and aesthetic enhancements, the Alcazar aims to remain competitive regardless of its age.

Sapporo Real Estate is dedicated to contributing to the broader development of Ebisu by elevating the value of existing properties. The Alcazar project serves as a model for transforming older buildings into modern workspaces, and further enhancements are planned, extending their expertise to assist in the renovation of additional older offices in the area. This community-driven approach underscores their commitment, emphasizing how significant history can be intertwined with new developments.

Overview of the Setup Office Transformation:

- Office Layout:

- 12 workstations, a meeting room for six, one private booth, and two sofa booths were introduced for improved functionality and comfort.

- Gender-Separated Facilities:

- Expanding restroom facilities to provide gender-segregated usage.

- Modern Material Upgrades:

- The renewal of decorative finishes includes ceiling panels, flooring, and wall coverings designed not only to improve aesthetics but also provide durability.
- These updates minimize restoration costs, aligning with tenant needs while ensuring convenient access.

Facility Overview

- Building Name: Alcazar
- Location: 1-Chome-18-5, Ebisu, Shibuya, Tokyo
- Site Area: 109.32 tsubo
- Total Floor Area: 237.62 tsubo
- Structure: Reinforced Concrete, 4 stories above ground and 1 below
- Usage: Office and retail space
- Completion Date: June 1992

Visuals

The Sreed series by Sapporo Real Estate embodies the concept of cultivating workspaces that foster growth and creativity in teams and individuals. Every space aims to support businesses on the brink of escalation, blending innovative designs with a focus on human connections within the community. The essence behind Sreed stems from merging the company’s initials with the notion of a seed—signifying potential and growth. For further insights into the Sreed series, please visit the Sapporo Real Estate Development Inc. website.