Mori Building Co., Ltd. (Headquarters: Minato-ku, Tokyo, President and CEO Minoru Mori) announces that it has reached an agreement with Mori Hills REIT Investment Corporation for the transfer of Mori Building's ownership of two floors (12F and 22F) of the ARK Mori Building to a real estate investment trust and for the sale of the corresponding trust beneficiary rights.

[Reasons for the Transfer]
Based on Mori Building's long-term business vision called "TomorrowScape 2011+5", which calls for the dramatic and rapid urban development of Tokyo to pave the way for its future as an international financial center, the company is tackling diverse measures with the dual aims of achieving "Business Activism & Growth" and "Financial Dynamism & Stability". As one aspect of the financial strategy to support the advance of this vision, the transfer of assets announced in this release reinforces the corporate financial foundation through "selection & concentration" of corporate-owned properties and projects while contributing to the "expansion and growth of Mori Hills REIT Investment Corporation, which Mori Building aggressively supports as its originator.

[Outline of the Asset Transfer]
(1) Asset to be transferred: trust beneficiary rights in the property to be transferred into trust.
* 75% of the interest in real estate trust beneficiary right to the concerned Property shall be transferred, while ownership of the remaining 25% interest in the right shall be retained by Mori Building Co., Ltd.
(2) Property Name: ARK Mori Building
* Property/building ownership that corresponds to the trust beneficiary rights to be transferred is the sectional ownership corresponding to the 12F and 22F portions of the above named property.
(3) Transfer price: 16,500,000,000 yen
(4) Date of sales agreement: March 28, 2008
(5) Scheduled date of asset transfer: March 28, 2008
(6) Buyer/Transfer Recipient: Mori Hills REIT Investment Corporation

[Reference] Property Outline
Property name: ARK Mori Building
Address: 1-12-32 Akasaka, Minato-ku, Tokyo
Building structure (floors): 37 floors above ground with 4 floors below ground
Total floor area: 177,486.95m2

[Impact on the Business Results of Mori Building Co., Ltd.]
The impact of the sale that attended the above-described transfer of assets has already been reflected in the forecast of business results for the period ending March 2008 (released on November 29, 2007).