In Inano Marine Shipping Research Memo (5): Real estate leases office buildings in prime locations in central Tokyo, and overseas expansion is also accelerating.

Fisco Japan · Jun 13 13:45

■飯野海運＜9119＞の事業概要

4. 不動産業

不動産業はオフィスビル賃貸・管理・メンテナンスを行っている。本社ビルである飯野ビルディング（イイノホール&カンファレンスセンター含む）など、東京都心部の一等地に賃貸オフィスビルを複数所有していることが特徴だ。またフォトスタジオ事業（イイノ・広尾スタジオ、イイノ・南青山スタジオ）など関連事業も展開している。

国内では1983年竣工の東京富士見ビル（東京都千代田区）、1988年竣工の飯野竹早ビル（東京都文京区）、2006年竣工の汐留芝離宮ビルディング（東京都港区）のほか、2009年に飯野ビルディング（東京都千代田区）の建て替え工事に着手し、2011年10月に飯野ビルディング1期工事が完了して開業、2014年11月に飯野ビルディング2期工事が完了してグランドオープンした。2017年12月にはNS虎ノ門ビル（東京都港区、2016年竣工）の一部持分を取得した。なお事業ポートフォリオ見直しに伴い、2017年3月に笹塚センタービル（1995年竣工）を売却した。また、東京桜田ビルを解体して参画した新橋田村町地区市街地再開発事業で、日比谷フォートタワー（東京都港区）が2021年6月に竣工した。

また不動産業のポートフォリオ拡大に向けて海外展開も本格化させている。第一弾として2020年3月に英国ロンドンのオフィスビルBRACTON HOUSEを取得した。2022年12月には住友林業＜1911＞及び熊谷組＜1861＞とともに、米国テキサス州ダラス近郊における木造7階建てESG配慮型オフィスの開発（2024年4月竣工）に参画した。米大手デベロッパーCrow Holdingsと特別目的会社（SPC）を設立し、マスティンバー建築の大規模木造オフィスを建設するプロジェクトである。2024年3月にはルクセンブルクのStrand 111 S.à r.l.社（目的会社）の株式を取得し、英国ロンドンで2棟目となるオフィスビル111 STRAND（2002年竣工）を取得した。

この結果、2024年5月末時点の所有賃貸ビルは国内6棟（飯野ビルディング、汐留芝離宮ビルディング、日比谷フォートタワー、東京富士見ビル、飯野竹早ビル、NS虎ノ門ビル）、及び海外3棟（英国ロンドンBRACTON HOUSE、英国ロンドン111 STRAND、米国ダラスSOUTHSTONE YARDS OFFICE-Bの合計9棟となっている。2022年10月には(株)竹中工務店などとともに、米国オレゴン州ポートランド市における再開発事業「Press Block プロジェクト」（2025年10月竣工予定）に参画した。賃貸住宅棟と商業・オフィス棟からなるエリア最大規模の複合再開発事業である。同社にとって不動産業は長期的な視野における安定収益源の柱の1つであり、今後は海外不動産への投資や国内では築古ビルのリノベーションにも取り組み、収益拡大を目指す方針である。

5. 飯野ビルディング

飯野ビルディング（2011年開業、2014年グランドオープン）は「100年先にも愛されるビル」をコンセプトとして、通常の外壁・窓ガラスを二重構造にして断熱空気層を作ることで熱負荷を軽減する「ダブルスキン外装」を採用するなど、高度な環境性能を追求したビルである。

LEED-CI（米国グリーンビルディング協会による環境対応評価システム）の最高位であるプラチナ認証を日本で初めて取得した。2015年には生物多様性保全に取り組むオフィスビルや商業施設を評価する「いきもの共生事業所認証」（ABINC認証）を取得し、2016年にはABINC認証事業所のうち特にABINCの普及啓発や生物多様性の主流化への貢献度の高い施設として「第1回ABINC特別賞」を受賞した。同年には、東京都環境確保条例における2015年度「優良特定地球温暖化対策事業所（トップレベル事業所）」に認定（2021年3月に2020年度認定を再取得）された。

2018年2月には東京消防庁の優良防火対象物認定表示制度に基づく「優良防火対象物認定証」（優マーク）を取得（2021年2月に継続取得）した。同年3月には東京都環境局の在来種植栽登録制度「江戸のみどり登録緑地」の優良緑地として登録された。同年10月には飯野ビルディングの事務所基準階部分（7階～27階）がBELS（建築物省エネルギー性能表示制度）で最高ランク5つ星を取得した。2019年3月には日本政策投資銀行のDBJ Green Building認証で、飯野ビルディングが最高ランク5つ星、汐留芝離宮ビルディングが4つ星を取得（いずれも2021年12月に継続取得）した。2022年5月には、再生可能エネルギーの活用を推進してCO2排出量を削減するための取り組みの一環として、飯野ビルディングの屋上に太陽光発電設備を設置し、運用を開始した。

2021年6月に竣工した日比谷フォートタワーも屋上緑化、低蓄熱型舗装、日光による放射熱を低減するLow-Eガラスの採用、庇による直射日光の遮蔽など環境面に配慮した施設となっている。また、ペットボトル自動回収機を通じたSDGsへの取り組みなども実施している。なお日比谷フォートタワーは(株)日本格付研究所によるグリーンボンド評価およびグリーン評価において最上位の「Green1」総合評価を取得し、(株)日本政策投資銀行からはDBJ環境格付において「環境への配慮に対する取り組みが先進的」との格付を取得している。

（執筆：フィスコ客員アナリスト　水田雅展）

Overview of Ino Marine Shipping <9119>.

Real estate. Iino Marine Shipping owns multiple rental office buildings in prime areas of Tokyo, such as Iino Building (including Iino Hall & Conference Center), which is the company's headquarters. It also operates related businesses such as photo studio businesses (Iino Hiroo Studio, Iino Minami Aoyama Studio).

In Japan, the company has owned and operated several buildings, such as Tokyo Fuji Building (Chiyoda-ku, Tokyo) completed in 1983, Iino Takebaya Building (Bunkyo-ku, Tokyo) completed in 1988, Shiodome Shibarikyu Building (Minato-ku, Tokyo) completed in 2006, and Iino Building (Chiyoda-ku, Tokyo) for which redevelopment began in 2009, completed the first phase in October 2011 with the building opening and completed the second phase in November 2014 with the grand opening. In December 2017, participated in acquiring part of the ownership of NS Toranomon Building (Minato-ku, Tokyo, completed in 2016). It sold Sasazuka Center Building (completed in 1995) in March 2017 due to a business portfolio review. In addition, it demolished Tokyo Sakurada Building and participated in the Shimbashi Tamura-cho district urban redevelopment project, in which Hibiya Fort Tower (Minato-ku, Tokyo) was completed in June 2021.

Furthermore, as part of its expansion of the real estate portfolio, the company has been expanding overseas. As the first step, in March 2020, it acquired BRACTON HOUSE, an office building in London, UK. In December 2022, together with Sumitomo Forestry Co., Ltd. <1911> and Kumagai Gumi Co., Ltd. <1861>, it participated in the development of a 7-story ESG-oriented wooden office building near Dallas, Texas, USA (scheduled for completion in April 2024). The project involves constructing a large-scale wooden office building using mass-timber construction, and establishing a special purpose company (SPC) with Crow Holdings, a major US developer. In March 2024, it acquired the shares of Strand 111 S.à r.l., a Luxembourg-based subsidiary, and acquired 111 STRAND, the second office building in London (completed in 2002).

As a result, as of the end of May 2024, the company owns and leases a total of nine buildings, including six buildings in Japan (Iino Building, Shiodome Shibarikyu Building, Hibiya Fort Tower, Tokyo Fuji Building, Iino Takebaya Building, and NS Toranomon Building) and three buildings overseas (BRACTON HOUSE and 111 STRAND in London, and SOUTHSTONE YARDS OFFICE-B in Dallas, USA). In October 2022, it participated in the “Press Block Project” redevelopment project in Portland, Oregon, USA, with Takenaka Corporation and others (scheduled for completion in October 2025). This is a large-scale mixed-use redevelopment project consisting of rental housing and commercial/office buildings. Real estate is one of the stable sources of long-term income for the company, and in the future, it will aim to expand its earnings by investing in overseas real estate and renovating old buildings in Japan.

5. Iino Building. Iino Building (opened in 2011, grand opened in 2014) is a building that pursues high environmental performance, adopting a “double skin exterior” that reduces heat load by creating an insulating air layer by using a double structure for the exterior walls and window glass. It was the first building in Japan to receive LEED-CI (Leadership in Energy and Environmental Design - Commercial Interiors) Platinum Certification. In 2015, it received ABINC certification (Certification for Corporate Biodiversity and Ecosystem Services), which evaluates office buildings and commercial facilities that are committed to conserving biodiversity, and in 2016, it won the “1st ABINC Special Award” as a facility that contributes to the promotion of ABINC and the mainstreaming of biodiversity with a high level of contribution. In the same year, it was certified as a “Top-Level Business for 2015 Under Tokyo’s Ordinance for Environmental Preservation” (certified again for 2020 in March 2021) under the Tokyo Metropolitan Government’s ordinance for environmental preservation.

6. Iino Building.

Iino Building (opened in 2011, grand opened in 2014) is a building that pursues high environmental performance, adopting a “double skin exterior” that reduces heat load by creating an insulating air layer by using a double structure for the exterior walls and window glass. It was the first building in Japan to receive LEED-CI (Leadership in Energy and Environmental Design - Commercial Interiors) Platinum Certification. In 2015, it received ABINC certification (Certification for Corporate Biodiversity and Ecosystem Services), which evaluates office buildings and commercial facilities that are committed to conserving biodiversity, and in 2016, it won the “1st ABINC Special Award” as a facility that contributes to the promotion of ABINC and the mainstreaming of biodiversity with a high level of contribution. In the same year, it was certified as a “Top-Level Business for 2015 Under Tokyo’s Ordinance for Environmental Preservation” (certified again for 2020 in March 2021) under the Tokyo Metropolitan Government’s ordinance for environmental preservation.

LEED-CI (Leadership in Energy and Environmental Design - Commercial Interiors) Platinum Certification was obtained for the Iino Building (opened in 2011, grand opened in 2014), which adopts a “double skin exterior” that reduces heat load by creating an insulating air layer by using a double structure for the exterior walls and window glass. This was the first time the certification was obtained in Japan. In 2015, it received ABINC certification (Certification for Corporate Biodiversity and Ecosystem Services), which evaluates office buildings and commercial facilities that are committed to conserving biodiversity, and in 2016, it won the “1st ABINC Special Award” as a facility that contributes to the promotion of ABINC and the mainstreaming of biodiversity with a high level of contribution. In the same year, it was certified as a “Top-Level Business for 2015 Under Tokyo’s Ordinance for Environmental Preservation” (certified again for 2020 in March 2021) under the Tokyo Metropolitan Government’s ordinance for environmental preservation.

In February 2018, it obtained the "excellent fire-resistant object certification certificate" (excellent mark) based on the Tokyo Fire Department's excellent fire-resistant object certification display system (continuously obtained in February 2021). In March of the same year, it was registered as an excellent green space under the Tokyo Metropolitan Government's registration system for native species planting areas, "Edo Midori Registration Green Space." In October of the same year, the office standard floor part (7th to 27th floors) of Iino Building obtained the highest rank of 5 stars in BELS (Building Energy Efficiency Labeling System). In March 2019, Iino Building obtained the highest rank of 5 stars in DBJ Green Building certification of Japan Policy Investment Bank, and Shiodome Shibarikyu Building obtained 4 stars (both continuously obtained in December 2021). In May 2022, solar power generation facilities were installed on the roof of Iino Building and put into operation as part of efforts to promote the use of renewable energy and reduce CO2 emissions.

The Hibiya Fort Tower, completed in June 2021, is also an environmentally friendly facility that takes care of the environment, such as roof greening, low heat storage pavement, adoption of Low-E glass to reduce radiated heat from sunlight, and shading of direct sunlight with eaves. In addition, it has implemented measures for SDGs through a PET bottle automatic collection machine. The Hibiya Fort Tower has obtained the highest comprehensive evaluation of "Green1" in the green bond evaluation and green evaluation by Japan Credit Rating Agency Ltd., and has obtained a rating of "Advanced Efforts for Environmental Consideration" in the DBJ Environmental Rating by Japan Policy Investment Bank.

(Authored by FISCO guest analyst Masanobu Mizuta)

The translation is provided by third-party software.

The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.

飯野海運 Research Memo（5）：不動産業は東京都心部の一等地でオフィスビルを賃貸、海外展開も本格化

In Inano Marine Shipping Research Memo (5): Real estate leases office buildings in prime locations in central Tokyo, and overseas expansion is also accelerating.

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