News Releases and Notices

March 29, 2006

NTT Urban Development hereby provides notice of its acquisition of the fixed assets outlined below.

1. Reason for Acquisition

To expand the scale of its leasing business, NTT Urban Development has decided to acquire the portion of the Urbannet Nagoya Building that is currently owned by Taisei Corporation. NTT Urban Development and Taisei jointly developed this building, which was completed in September 2005.

2. Assets Acquired

1. Overview and location of assets to be acquired
   Urbannet Nagoya Building (Higashi-ku, Nagoya)
   Land (some with leasehold interest): 1,350.35 m²
   Building: 14,398.66 m²
   Note: This area equates to the 18.83% owned by Taisei, out of total floor space of 76,466.60 m²
2. Acquisition price: ¥7,890 million (excluding consumption tax)

3.Overview of Transaction Partner

(1) Official name	:	Taisei Corporation
(2) Head office	:	25-1 Shinjuku 1-chome, Shinjuku-ku, Tokyo
(3) Representative	:	Kanji Hayama, President and representative Director
(4) Capitalization	:	¥112.4 billion

4. Acquisition Schedule

March 29, 2006

Conclusion of purchase contract and transfer of ownership

5. Forecast

The acquisition of the above-mentioned assets is expected to have a slight impact on NTT Urban Development's non-consolidated and consolidated operating performance.