Mitsubishi Estate Q1 profit up 48 pct, keeps outlook

TOKYO, July 31 (Reuters) - Mitsubishi Estate Co (8802.T), Japan's second-biggest developer, posted a 48 percent jump in quarterly profit on solid revenues from office rents, and kept its full-year forecast for 10 percent growth.

Mitsubishi Estate, which owns the U.S. Rockefeller Group as well as more than two dozen buildings in Tokyo's Marunouchi prime business district, had April-June group operating profit of 39.95 billion yen ($370 million) versus 26.90 billion yen a year ago.

Mitsubishi Estate benefited as Japanese companies have expanded, taking up more office space and cutting office vacancies in buildings it owns in central Tokyo to almost zero.

The tight office market situation has allowed Mitsubishi Estate and rival Mitsui Fudosan Co (8801.T) to drive up rents in Tokyo's busy business district, helping them weather a tougher environment for much of Japan's property market which has been hit by tighter credit and weak condominium sales. (Reporting by Mariko Katsumura; Editing by Ian Geoghegan)