Sustainability Activities (ESG)
Promoting Acquisition of Sustainability Certifications
Policy on Obtaining Environmental Certifications
Promoting Acquisition of Sustainability Certifications
- Policy on Obtaining Sustainability Certifications
- Environmental Design Policies and Incentive Programs
- Goals and Achievement Status
- Acquisition of WELL Core Precertification under WELL v2 for the Chiyoda 1-Bancho Project (Tentative Name) —Supporting Workstyles That Emphasize Well-Being
- Acquisition of SITES® Gold Certification for Tokiwabashi Tower and TOKYO TORCH Park, Thereby Becoming the First Urban Mixed-Use Development Project in Japan to Acquire Such Certification
- Efforts to Acquire Environmental Certification in Overseas Business
Policy on Obtaining Sustainability Certifications
Mitsubishi Estate recognizes that addressing environmental and social considerations in real estate and indicating performance on these considerations externally is important to meet the expectations and demands of stakeholders such as tenants and investors. Therefore, the company has a policy of proactively obtaining sustainability certifications whenever possible.
In Japan, Mitsubishi Estate has obtained certifications that include DBJ Green Building Certification, Comprehensive Assessment System for Built Environment Efficiency (CASBEE), and Building-Housing Energy-efficiency Labeling System (BELS), while the main certifications obtained overseas include Leadership in Energy and Environmental Design (LEED) and BRE Environmental Assessment Method (BREEAM) certifications.
| Evaluation/Certification System | Overview |
|---|---|
| DBJ Green Building Certification |
DBJ Green Building Certification is a certification system established by the Development Bank of Japan (DBJ) in April 2011 as an initiative to support environmentally and socially conscious management of real estate. Based on a comprehensive assessment which covers such areas as environmental performance, disaster prevention, community considerations and other stakeholder engagement, the system evaluates and certifies real estate anticipated by society and the economy. |
| Comprehensive Assessment System for Built Environment Efficiency (CASBEE) |
CASBEE is a system for comprehensively assessing the quality of buildings, including interior comfort and consideration to landscape as well as environmental considerations such as energy conservation and use of materials and equipment with low environmental impact. It was developed by a research committee established for comprehensive environmental assessment of buildings in April 2001 as a collaborative project between industry, academia, and government under the auspices of the Ministry of Land, Infrastructure, Transport and Tourism, and has been continuously upgraded and maintained since. |
| Building-Housing Energy-efficiency Labeling System (BELS) |
BELS is a system for the assessment and certification of energy efficiency performance in newly built and existing buildings by a third-party organization. In April 2016, the scope of the system was expanded to residential buildings, and it was designated as one of the third-party certifications in the Guidelines on Building Energy Efficiency Labelling based on Article 7 of the Act on the Improvement of Energy Consumption Performance of Buildings (Building Energy Efficiency Act). Association for Housing Performance Evaluation and Labeling (Japanese only) |
| Leadership in Energy and Environmental Design (LEED) certification |
LEED is a system for assessing environmental performance of buildings and site use developed and operated by the U.S. Green Building Council (USGBC). |
| BRE Environmental Assessment Method (BREEAM) certification |
BREEAM is an environmental assessment system developed by Building Research Establishment Ltd. (BRE) in the UK in 1990 as a tool for assessing the sustainability performance of buildings, communities, and infrastructure. Performance is assessed in a total of ten categories including energy, health and well-being, water, materials, and waste, and rated on a five-point scale of Pass, Good, Very Good, Excellent, and Outstanding. |
| WELL Building Standard |
This is an environmental performance evaluation system for buildings and urban subdivisions with a focus on health and wellness. It is operated by International WELL Building Institute (IWBI) and certification is handled by Green Business Certification Inc. (GBCI). The latest version, WELL v2, was launched in 2020, and consists of the following 10 concepts: air, water, nourishment, light, movement, thermal comfort, sound, materials, mind, and community. |
| SITES Certification |
The Sustainable SITES Initiative (SITES). Designed by the U.S. Green Building Council (USGB), which designs and updates the LEED rating system, the certification is administered by Green Business Certification Inc. (GBCI) in the U.S. It offers guidelines and a quantitative evaluation system on green infrastructure design, technology, and management. Certification is now available outside the U.S. with v2. |
| Energy Performance Certificates (EPCs) |
A system for assessing the energy efficiency of buildings on a seven-point scale from A to G. In accordance with the Minimum Energy Efficiency Standard (MEES) stipulated by law in 2015, office buildings that fail to achieve a B rating by 2030 can no longer be newly leased to tenants. |
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Environmental Design Policies and Incentive Programs
In working toward achieving the goals put forth in “Environment,” a key theme in Mitsubishi Estate Group 2030 Goals for SDGs, Mitsubishi Estate has established real estate development environmental design policies as well as incentive programs for leading projects, to promote real estate development business that contributes to sustainability goals.
The Company has established the Sustainability-Minded Construction Architectural Design and Construction Policies for real estate development that outline the conditions required by type and scale, in areas such as design specifications, building materials, and construction methods. This document is included with a written quote outline when we receive construction projects.
Additionally, in fiscal 2022, the Company launched programs that provide incentives to those implementing advanced sustainability initiatives in the process of deciding on investments in new development projects.
Goals and Achievement Status
Goals and Achievement Status
See the following for the status of environmental certification acquisitions.
ESG Data > E: Environmental data > (2) Other > 5. Green Building Certification
Promoting ZEB and ZEH in New Buildings and Rental Apartments to Reduce Environmental Impact
(Tentative name) Uchi-Kanda1-chome Project
Mitsubishi Estate acquired its first ZEB Ready (office category) certification for a high-rise tenant office building, tentatively called the Uchi-Kanda 1-chome Project, which is scheduled for completion at the end of November 2025. The energy conservation measures employed in this project are tested at the Group’s headquarters to ensure they are energy efficient and facilitate a comfortable environment. Starting with this property, the Group aims to achieve high environmental performance in line with ZEB requirements for all new buildings to be developed.Furthermore, in February 2023 Mitsubishi Estate Residence started construction on (tentative name) the Osaka Abeno Showa-cho 3-chome Project,*1 the first rental apartment building in the Kansai region to meet ZEH standards. In addition to meeting ZEH-M Oriented standards, the apartment building will use solar panels to generate electricity used in communal areas. These initiatives are part of Mitsubishi Estate Residence’s goal to meet or exceed the ZEH-M Oriented Standard in new condominiums and new rental apartments under its CO2 emissions reduction strategies (formulated in January 2022). The entire Group will work together to reduce the environmental impact of its buildings and to provide new value.
- This project falls under a basic agreement and general planning subcontracting agreement between ENEOS Corporation and Mitsubishi Estate Residence. The scheme designates ENEOS as the primary owner, while Mitsubishi Estate Residence is responsible for the project’s design and other specifications as the general planner.
Acquisition of WELL Core Precertification under WELL v2 for the Chiyoda 1-Bancho Project (Tentative Name) —Supporting Workstyles That Emphasize Well-Being
Chiyoda 1-Bancho Project at the time of the precertification announcement; view of building exterior
Mitsubishi Estate has become the first company in Japan to receive precertification for WELL Core—which can be acquired by buildings occupied by tenants—under WELL v2, the latest version of the WELL Building Standard (WELL Certification), an international ratings system for buildings that emphasizes the health and well-being of people. The Company received the precertification for the Chiyoda 1-Bancho Project (tentative name), which it is advancing in Chiyoda Ward, Tokyo, for reasons including the high evaluation of the project’s promotion of urban development in line with WELL development concepts, the introduction of a panel heating and cooling system, the facilitation of fitness for workers, and the provision of operable windows that offer ample natural light. Following completion of the project, we aim to obtain platinum certification, the standard’s highest certification level.
Recent years have seen an increasing number of companies acquiring WELL Certification for areas of buildings reserved for office space. However, meeting the WELL Core certification standards for the actual building has the advantage of enabling tenant companies to more easily pursue WELL Certification for their office spaces by, for example, exempting them from screening for certain evaluation items. With the preliminary certification as a forerunner to further efforts, we will continue proactively supporting workstyles that emphasize well-being and enhancing office value from the perspective of concern for the environment.
Acquisition of SITES® Gold Certification for Tokiwabashi Tower and TOKYO TORCH Park, Thereby Becoming the First Urban Mixed-Use Development Project in Japan to Acquire Such Certification
TOKYO TORCH Park
TOKYO TORCH Tokiwabashi Tower and TOKYO TORCH Park have acquired SITES® Gold Certification, an environmental certification that evaluates primarily the sustainability of landscapes, becoming the first urban mixed-use development project to receive such a certification in Japan.
Furthermore, these sites have been newly registered under Edo-Midori Green Area, a system by the Tokyo Metropolitan Government for registering and publicly announcing green spaces where native plant species are actively planted and where biodiversity is conserved. With this registration, TOKYO TORCH Tokiwabashi Tower and TOKYO TORCH Park have now acquired five environmental certifications—the others being DBJ (Development Bank of Japan) Green Building Certification, Social and Environmental Green Evaluation System (SEGES) certification, and Association for Business Innovation in Harmony with Nature and Community (ABINC) certification—bringing them to a globally leading level in terms of environmental awareness.
Going forward, we will continue to promote urban development with an even greater awareness of the environment, with the goal of opening all sites of the TOKYO TORCH project by fiscal 2027.
Promoting Green Urban Development with GRAND GREEN OSAKA
Panoramic view of GRAND GREEN OSAKA (rendering of completed project)
GRAND GREEN OSAKA obtained LEED Gold certification
Mitsubishi Estate Co., Ltd., is leading the Umekita 2nd Project, a joint venture of nine companies (JV9)* to develop the area in front of JR Osaka Station. The urban development project will be named GRAND GREEN OSAKA, an open space that integrates lush greenery and innovation. We have commenced the project, which includes the construction of a 45,000 m2 park that aims to enhance the city’s appeal in collaboration with Osaka City and Urban Renaissance Agency. As such, GRAND GREEN OSAKA was selected for the Ministry of Land, Infrastructure, Transport and Tourism’s 2021 Sustainable Building Leadership Project (CO2 Leadership Project). The landscape design offers a sense of local flair, and environmental planning considers biodiversity. In addition, the project introduces cutting-edge technologies, such as geothermal and wastewater energy and solar photoelectric generators, as well as infrastructure that contributes to resource recycling. The project has been awarded gold certification (plan certification) in the LEED Neighborhood Development (LEED ND) category for area developments by Leadership in Energy and Environmental Design (LEED), an internationally recognized green building rating system developed by the U.S. Green Building Council. We will continue to promote green urban development with a view to the advanced opening of the Umekita 2nd Project district, scheduled for summer 2024.
- Mitsubishi Estate Co., Ltd., Osaka Gas Urban Development Co., Ltd., ORIX Real Estate Corporation, Kanden Realty & Development Co., Ltd, Sekisui House, Ltd., Takenaka Corporation, Hankyu Corporation, Mitsubishi Estate Residence Co., Ltd., and Umekita Development Specific Purpose Company (SPC funded by Obayashi Corporation)
Efforts to Acquire Environmental Certification in Overseas Business>Initiatives in the United States
Efforts to Acquire Environmental Certification in Overseas Business
The Mitsubishi Estate Group operates globally. Since Mitsubishi Estate New York was established in 1972, we have expanded our real estate development and rental business in the U.S., the U.K. and other European countries, as well as Asia and Oceania, making the most of our track record and wide-ranging network. We are engaged in socially and environmentally conscious urban planning with people in these regions.
Initiatives in the United States
In the U.S., the Mitsubishi Estate Group carries out a wide range of projects, primarily through Rockefeller Group International. In addition to owning and operating large-scale office buildings in areas of Manhattan in New York, the Rockefeller Group manages a range of development projects around the country, including office, residential, industrial, and mixed-use projects. Industrial projects in particular have established the Group as a leading developer in the main industrial markets of New Jersey and the Inland Empire, California. Moreover, the industrial sector is expected to expand further due to the dramatic growth of e-commerce within the U.S. over the past few years. It aims to raise the value of real estate with a focus on environmental performance, and therefore works to acquire LEED certification on both its new development buildings and existing buildings.
Projects earning environmental certification (examples)
GOLD
1271 Avenue of the Americas, New York
Located in Manhattan, this building completed in 1959 underwent large-scale renovations from 2016 to 2019. The entire outer curtain wall was replaced and the air conditioning equipment was replaced with energy efficient models, resulting in the building attaining LEED Gold status in 2020.
GOLD
1901 L Street, Washington, D.C.
Located in central Washington, D.C., this building was co-developed with the U.S. real estate company The Meridian Group. It is the result of an extension on a 1970s office building and large-scale renovations. The building was completed in 2019 following environmentally-friendly plans and was awarded a Gold LEED rating.
GOLD
Paradigm River North, Colorado
Located in central Denver, this 8-story, 19,000 m2 office building was jointly developed with local real estate company Jordon Perlmutter & Co. Construction began in 2022 with a planned completion date of 2025. With environment-friendly plans, we are aiming for a Gold LEED rating.
Initiatives in Europe
Initiatives in Europe
Since the establishment of Mitsubishi Estate London in 1986, the Mitsubishi Estate Group has handled real estate leasing and development projects for office and leasing properties in central London and continental Europe. With an emphasis on the environmental aspects of its properties the Group has earned BREEAM certification for newly developed buildings as well as buildings already owned.
Projects earning environmental certification (examples)
Outstanding (planned)
8 Bishopsgate, London
8 Bishopsgate, a large-scale office redevelopment project in the City of London, which began construction in February 2019 and completed on June 19, 2023, is expected to achieve the highest ratings in multiple environmental certifications.
In the UK, the RIBA 2030 Climate Challenge, a set of targets developed by the Royal Institute of British Architects (RIBA) for energy and carbon use in the construction industry based on the UN Sustainable Development Goals (SDGs), has been established and the property complies with these targets. In addition to using a glass façade with outstanding environmental performance for the entire exterior, the property is also equipped with solar panels and reuses greywater from rainwater, as well as other measures. As a result, it is expected to achieve the highest rating of “Outstanding” in BREEAM certification. It has also been certified with the highest “A” EPC Rating, which indicates the energy efficiency of a building in operation. In order to enhance diverse workstyles and well-being, an exclusive tenant-use cafeteria and an adjacent large outdoor terrace are located on the mid-rise floor, with a large 200-seat town hall and a business lounge on the low-rise floors. As a unique feature in the U.K., where environmental awareness is growing, there are no car parks, with the building instead featuring a large bicycle park and shower/locker facilities. Beyond being environmentally friendly, the building also supports a healthy working life for workers.
Excellent
Warwick Court, London
Warwick Court is a major office refurbishment project that was completed in July 2022. By maximizing the use of the existing façade and structure, and also reusing the interior stones from the building reception, this structure achieved a substantial CO2 emissions reduction of approximately 70% compared to new construction. Moreover, the building contributes to the well-being of workers by installing a new rooftop terrace and a tenant-exclusive terrace, as well as by providing bicycle parking and shower/locker facilities. Through these efforts, the building is expected to achieve the BREEAM Excellent rating.
Initiatives in Asia and Oceania
Initiatives in Asia and Oceania
In Asia and Oceania, the Group established the subsidiary Mitsubishi Estate Asia Pte. Ltd. in Singapore in 2008, followed by Mitsubishi Estate (Shanghai) Ltd. in China in 2013. The Group opened its Taiwan Representative Office in 2017 and established Mitsubishi Estate Taiwan Ltd. in 2018, PT. Mitsubishi Estate Indonesia and Mitsubishi Estate Vietnam Company Ltd. in 2019, Mitsubishi Estate (Thailand) Co., Ltd, in 2020, and Mitsubishi Estate Asia Pte Ltd in Australia in 2021. The Group operates in Singapore, Indonesia, Vietnam, Thailand, Malaysia, and the Philippines, Australia, and China, developing office, residential, and retail properties.
Projects earning environmental certification (examples)
Crystal Bridge, China
This is a large-scale complex development project where construction began in February 2023 in partnership with major U.S. developer Tishman Speyer, state-owned real estate developer New Changning Group, and Huolala, a major logistics services company. It is planned to earn LEED certification for the project by greening the city block and considering the environmental performance of the buildings.
Trinity Tower, Indonesia
This is a large-scale office building project which Mitsubishi Estate has developed jointly with The Gesit Companies, Santini Group, and Shimizu Corporation. The project was awarded Best Green Development in the PropertyGuru Indonesia Property Awards 2018, which is given to outstanding real estate projects in Indonesia, in recognition of its advanced environmentally-friendly initiatives. With the commencement of building operation in July 2021, the project earned a Gold rating by the Green Building Council Indonesia (GBCI) in its Greenship New Building (NB) Version 1.2 rating platform.
CapitaSpring, Singapore
November 2021 saw the completion of CapitaSpring, a mixed-use facility in the center of Singapore that Mitsubishi Estate had developed jointly since 2017 with CapitaLand Group, one of Asia’s largest real estate companies. Consisting primarily of offices, CapitaSpring is a high-rise, large-scale, mixed-use facility with 51 aboveground floors and a total floor area of more than 93,000 m2 and features serviced apartments, retail facilities, and other amenities. With its outstanding environmental performance—highlighted by its exterior design evoking nature, efficient use of water and energy, a green area for strolls, and an extensive green area provided by the rooftop garden—CapitaSpring has received Green Mark Platinum, the highest award for the Building and Construction Authority (BCA) Green Mark, Singapore’s most recognized environmental performance indicator. Through this facility, we propose new styles of working and living to a wide range of people near Raffles Place station, Singapore’s foremost office area.
Parkline Place, Australia
At Parkline Place, a premium office building project, where development is under way in Sydney with the Oxford Properties Group and their subsidiary Investa, Mitsubishi Estate concluded a financing agreement for use as property construction funds thanks to a Green Loan*. Using the funds from this loan, we plan to engage in environmental design that promotes efficient use of energy and resources, and to recycle approximately 90% of construction waste. Through these efforts we aim to attain 6-Star status, the highest level of Australia’s real estate environmental certification as well as Core and Shell Certification v3 in the international WELL Building Standard certification program for health and wellbeing.
See the following for more information on green loans.
Sustainability Activities (ESG) > Environment > Adopting Sustainable Finance
Sydney Place, Australia
Sydney Place is a large-scale area development project in the Circular Quay area, located at the northern end of the CBD in Sydney, Australia, undertaken jointly with Lendlease, an Australian real estate and construction company, and Ping An Real Estate, a real estate company that is a subsidiary of a major Chinese financial group. In addition to its 180 George Street (Salesforce Tower), a premium office building, the project has developed public plazas and commercial facilities to make the area come alive. The development provides environmentally and health-conscious spaces for the tenant companies and their employees by introducing LED lighting, motion sensors, automatic blinds that open and close according to the outside climate, and car sharing using electric vehicles. As a result of these environmentally-friendly initiatives, the project has obtained WELL certification Core and Shell rating*1 and the Green Building Council of Australia’s Design & As Built 6 Star Green Star*2. The project also aims to earn NABERS Energy 5.5 Star*3 rating as well.
- A WELL certification that mainly covers newly built tenant buildings
- A real estate environmental certification system operated by Australia’s Green Building Council of Australia
- A real estate environmental rating assessed by Australia’s National Australian Built Environment Rating System
