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Sumitomo Realty & Development

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Sumitomo Realty & Development Co., Ltd.
Native name
住友不動産株式会社
Sumitomo Fudosan Kabushiki-gaisha
FormerlyIzumi Real Estate Co., Ltd. (1949 - 1957)
Company typePublic (K.K)
TYO: 8830
IndustryReal estate development
FoundedDecember 1, 1949; 74 years ago (1949-12-01)
HeadquartersShinjuku NS Building
4-1, Nishi-Shinjuku 2-chome,
Shinjuku, Tokyo
,
Japan
Area served
Japan
Key people
Subsidiaries
  • Sumitomo Real Estate Sales Co., Ltd.
  • Sumitomo Fudosan Tatemono Service Co., Ltd.
  • Sumitomo Fudosan Syscon Co., Ltd.
  • Sumitomo Fudosan Villa Fontaine Co., Ltd.
  • Sumitomo Fudosan Bellesalle Co., Ltd.
  • Sumitomo Fudosan Esforta Co., Ltd.
  • Sumitomo Fudosan Finance Co., Ltd.
Websitehttps://www.sumitomo-rd.co.jp/

Sumitomo Realty & Development Co., Ltd. is a Japanese real estate development company headquartered in Shinjuku, Tokyo. It is a member of the Sumitomo Group.

It is one of the three largest real estate developers in Japan, alongside Mitsubishi Estate and Mitsui Fudosan. As of 2018, it has the second-largest real estate portfolio in Japan (after Mitsubishi), with a total value of 5.7 trillion yen.[2]

History

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Izumi Garden Tower in Roppongi, Tokyo
Shinjuku Sumitomo Building in Nishi-Shinjuku, Tokyo
Shinjuku Oak Tower in Nishi-Shinjuku, Tokyo

The company was founded as Izumi Real Estate Co., Ltd. in 1949 following the dissolution of the Sumitomo conglomerate. It adopted its current name in 1957.[3]

From the early 1960s, Sumitomo was active in developing and selling condominium properties.[4]

Sumitomo Realty held its initial public offering on the Tokyo and Osaka stock exchanges in 1970.[3]

The company's first high-rise project was the Shinjuku Sumitomo Building, completed in 1974. This building became the company's head office. At the time of its completion, it was the tallest building in Tokyo (but was overtaken by the nearby Shinjuku Mitsui Building several months later), and its elevators were the fastest in the world.[5]

Sumitomo entered the real estate leasing and brokerage businesses in the late 1970s; commercial and residential leasing now accounts for the majority of its income.[4]

The company's headquarters moved to the 30-story Shinjuku NS Building (a Sumitomo-developed property) in 1982.[3]

Sumitomo actively invested in California and Hawaii real estate during the 1970s.[6] In 1987, Sumitomo acquired the Tishman Building at 666 Fifth Avenue in New York City, which it sold at a loss in 1998.[7] In 1989, Sumitomo acquired the JW Marriott hotel in Century City, Los Angeles for $85 million.[8] Sumitomo also set up subsidiaries in Washington, D.C. and Sydney during the 1980s.[9]

In the mid-1990s, Sumitomo began a home renovation and remodeling business known as Shinchiku Sokkurisan.[4]

Historically, Sumitomo has followed a policy of never selling the properties that it develops.[2]

Notable properties

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Office towers

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Sumitomo owns around 220 office buildings in Tokyo, most of which are located in the city's seven central wards.[2] Its largest developments include:

Hotels

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Sumitomo Realty operates the Hotel Villa Fontaine chain, which has a total of 15 properties in Japan (Tokyo, Kobe and Osaka).[11]

References

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  1. ^ "Directors and Executive Officer". Retrieved 2024-01-08.
  2. ^ a b c Maeno, Masaya (July 26, 2018). "Tokyo real estate market booming ahead of Olympics". Nikkei Asian Review. Retrieved July 26, 2018.
  3. ^ a b c "Our History | Sumitomo Realty & Development Co., Ltd". www.sumitomo-rd.co.jp. Retrieved July 27, 2018.
  4. ^ a b c "At a Glance | Sumitomo Realty & Development Co., Ltd". www.sumitomo-rd.co.jp. Retrieved July 27, 2018.
  5. ^ "Shinjuku Sumitomo Building, Nikken Sekkei | Tokyo | Japan | MIMOA". Mimoa. Retrieved July 26, 2018.
  6. ^ "History of SUMITOMO REALTY & DEVELOPMENT CO., LTD. – FundingUniverse". www.fundinguniverse.com. Retrieved 2018-07-27.
  7. ^ Cuozzo, Steve (April 18, 2018). "The scandalous history behind Kushner's ritzy Midtown building". New York Post. Retrieved July 26, 2018.
  8. ^ Yoshihara, Nancy (January 24, 1989). "Japanese Group Buys Marriott Hotel in Century City". Los Angeles Times. ISSN 0458-3035. Retrieved July 27, 2018.
  9. ^ "沿革". Sumitomo Realty. Archived from the original on June 12, 2018. Retrieved July 27, 2018.
  10. ^ "City Tower at Takanawa | Tokyo, Japan | KTGY Architects". KTGY Architecture + Planning. Retrieved 2019-01-30.
  11. ^ "Hotel Villa Fontaine". www.hvf.jp (in Japanese). Retrieved July 27, 2018.
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