Sumitomo Realty & Development
{{Short description|Japanese real estate developer}}
{{Infobox company
| name = Sumitomo Realty & Development Co., Ltd.
| logo = Sumitomo_RD.svg
| native_name = 住友不動産株式会社
| native_name_lang = ja
| romanized_name = Sumitomo Fudosan Kabushiki-gaisha
| former_name = Izumi Real Estate Co., Ltd. (1949 - 1957)
| traded_as = {{tyo|8830}}
| industry = Real estate development
| founded = {{Start date and age|1949|12|1}}
| hq_location = Shinjuku NS Building
4-1, Nishi-Shinjuku 2-chome
| hq_location_city = Shinjuku, Tokyo
| hq_location_country = Japan
| area_served = Japan
| key_people = {{Unbulleted list| {{ill|Kenichi Onodera|jp|小野寺研一}},{{Cite web |url=https://english.sumitomo-rd.co.jp/corporate/management |title=Directors and Executive Officer |accessdate=2024-01-08}} Chairman|{{ill|Kojun Nishima|jp|仁島浩順}}, President}}
| subsid = {{Unbulleted list|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.}}
| website = https://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.{{Cite web|url=https://asia.nikkei.com/Business/Business-Trends/Tokyo-real-estate-market-booming-ahead-of-Olympics|title=Tokyo real estate market booming ahead of Olympics|last=Maeno|first=Masaya|date=July 26, 2018|website=Nikkei Asian Review|language=en-GB|access-date=July 26, 2018}}
History
File:Izumi_Garden_Tower_from_Tokyo_Tower.jpg in Roppongi, Tokyo|alt=]]
File:Shinjuku-Sumitomo-Building-01.jpg in Nishi-Shinjuku, Tokyo]]
File:Sumitomo_fudosan_shinjuku_oak_tower_2009-2_cropped.jpg in Nishi-Shinjuku, Tokyo|alt=]]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.{{Cite web|url=http://www.sumitomo-rd.co.jp/english/corporate/history.html|title=Our History {{!}} Sumitomo Realty & Development Co., Ltd.|website=www.sumitomo-rd.co.jp|language=en|access-date=July 27, 2018}}
From the early 1960s, Sumitomo was active in developing and selling condominium properties.{{Cite web|url=http://www.sumitomo-rd.co.jp/english/glance/|title=At a Glance {{!}} Sumitomo Realty & Development Co., Ltd.|website=www.sumitomo-rd.co.jp|language=en|access-date=July 27, 2018}}
Sumitomo Realty held its initial public offering on the Tokyo and Osaka stock exchanges in 1970.
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.{{Cite web|url=https://www.mimoa.eu/projects/Japan/Tokyo/Shinjuku%20Sumitomo%20Building/|title=Shinjuku Sumitomo Building, Nikken Sekkei {{!}} Tokyo {{!}} Japan {{!}} MIMOA|website=Mimoa|access-date=July 26, 2018}}
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.
The company's headquarters moved to the 30-story Shinjuku NS Building (a Sumitomo-developed property) in 1982.
Sumitomo actively invested in California and Hawaii real estate during the 1970s.{{Cite web|url=http://www.fundinguniverse.com/company-histories/sumitomo-realty-development-co-ltd-history/|title=History of SUMITOMO REALTY & DEVELOPMENT CO., LTD. – FundingUniverse|website=www.fundinguniverse.com|language=en|access-date=2018-07-27}} In 1987, Sumitomo acquired the Tishman Building at 666 Fifth Avenue in New York City, which it sold at a loss in 1998.{{Cite news|url=https://nypost.com/2017/04/18/the-scandalous-history-behind-kushners-ritzy-midtown-building/|title=The scandalous history behind Kushner's ritzy Midtown building|last=Cuozzo|first=Steve|date=April 18, 2018|work=New York Post|access-date=July 26, 2018|language=en-US}} In 1989, Sumitomo acquired the JW Marriott hotel in Century City, Los Angeles for $85 million.{{Cite news|url=https://www.latimes.com/archives/la-xpm-1989-01-24-fi-834-story.html|title=Japanese Group Buys Marriott Hotel in Century City|last=Yoshihara|first=Nancy|date=January 24, 1989|work=Los Angeles Times|access-date=July 27, 2018|language=en-US|issn=0458-3035}} Sumitomo also set up subsidiaries in Washington, D.C. and Sydney during the 1980s.{{Cite web|url=http://www.sumitomo-rd.co.jp/corporate/history.html|title=沿革|website=Sumitomo Realty|access-date=July 27, 2018|archive-date=June 12, 2018|archive-url=https://web.archive.org/web/20180612125150/http://www.sumitomo-rd.co.jp/corporate/history.html|url-status=dead}}
In the mid-1990s, Sumitomo began a home renovation and remodeling business known as Shinchiku Sokkurisan.
Historically, Sumitomo has followed a policy of never selling the properties that it develops.
Notable properties
= Office towers =
Sumitomo owns around 220 office buildings in Tokyo, most of which are located in the city's seven central wards. Its largest developments include:
- Shinjuku Sumitomo Building (1974)
- Shinjuku NS Building (1982)
- Izumi Garden Tower (2002)
- Shinjuku Oak City (2003)
- Tokyo Shiodome Building (2004)
- [http://ktgy.com/work/city-tower-at-takanawa/ City Tower Takanawa]{{Cite web|url=http://ktgy.com/work/city-tower-at-takanawa/|title=City Tower at Takanawa {{!}} Tokyo, Japan {{!}} KTGY Architects|website=KTGY Architecture + Planning|access-date=2019-01-30}} (2004)
- Shinjuku Grand Tower (2011)
- Tokyo Nihombashi Tower (2015)
- Roppongi Grand Tower (2016)
= Hotels =
Sumitomo Realty operates the Hotel Villa Fontaine chain, which has a total of 15 properties in Japan (Tokyo, Kobe and Osaka).{{Cite web|url=http://www.hvf.jp/eng/|title=Hotel Villa Fontaine|website=www.hvf.jp|language=ja|access-date=July 27, 2018}}
References
{{Reflist}}
External links
- [http://www.sumitomo-rd.co.jp/english Official website]
{{TOPIX 100}}
{{Nikkei 225}}
{{Sumitomo Group}}
{{Authority control}}
{{DEFAULTSORT:Sumitomo Realty and Development}}
Category:Japanese companies established in 1949
Category:Real estate companies established in 1949
Category:Real estate companies based in Tokyo
Category:Companies listed on the Tokyo Stock Exchange