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'{{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) | type = [[Public Company|Public]] ([[Kabushiki gaisha|K.K]]) | traded_as = {{tyo|8830}} | industry = Real estate development | founded = {{Start date and age|1949|12|1}} | hq_location = Shinjuku NS Building<br />4-1, [[Nishi-Shinjuku]] 2-chome | hq_location_city = [[Shinjuku, Tokyo|Shinjuku]], [[Tokyo]] | hq_location_country = [[Japan]] | area_served = [[Japan]] | key_people = {{Unbulleted list| {{ill|Kenichi Onodera|jp|小野寺研一}},<ref>{{Cite web |url=https://english.sumitomo-rd.co.jp/corporate/management |title=Directors and Executive Officer |accessdate=2024-01-08}}</ref> 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.<ref name=":0">{{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}}</ref> == History == [[File:Izumi_Garden_Tower_from_Tokyo_Tower.jpg|thumb|[[Izumi Garden Tower]] in [[Roppongi]], Tokyo|alt=]] [[File:Shinjuku-Sumitomo-Building-01.jpg|thumb|[[Shinjuku Sumitomo Building]] in [[Nishi-Shinjuku]], Tokyo]] [[File:Sumitomo_fudosan_shinjuku_oak_tower_2009-2_cropped.jpg|thumb|[[Shinjuku Oak Tower]] in Nishi-Shinjuku, Tokyo|alt=]]The company was founded as '''Izumi Real Estate Co., Ltd.''' in 1949 following the dissolution of the [[Sumitomo Group|Sumitomo conglomerate]]. It adopted its current name in 1957.<ref name=":1">{{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}}</ref> From the early 1960s, Sumitomo was active in developing and selling [[Condominium (living space)|condominium]] properties.<ref name=":2">{{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}}</ref> Sumitomo Realty held its [[initial public offering]] on the [[Tokyo Stock Exchange|Tokyo]] and [[Osaka Stock Exchange|Osaka]] stock exchanges in 1970.<ref name=":1" /> 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.<ref>{{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}}</ref> 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.<ref name=":2" /> The company's headquarters moved to the 30-story [[Shinjuku NS Building]] (a Sumitomo-developed property) in 1982.<ref name=":1" /> Sumitomo actively invested in California and Hawaii real estate during the 1970s.<ref>{{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}}</ref> In 1987, Sumitomo acquired the Tishman Building at [[666 Fifth Avenue]] in [[New York City]], which it sold at a loss in 1998.<ref>{{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}}</ref> In 1989, Sumitomo acquired the JW Marriott hotel in [[Century City, Los Angeles|Century City]], [[Los Angeles]] for $85 million.<ref>{{Cite news|url=http://articles.latimes.com/1989-01-24/business/fi-834_1_century-city|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}}</ref> Sumitomo also set up subsidiaries in [[Washington, D.C.]] and [[Sydney]] during the 1980s.<ref>{{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}}</ref> In the mid-1990s, Sumitomo began a home renovation and remodeling business known as Shinchiku Sokkurisan.<ref name=":2" /> Historically, Sumitomo has followed a policy of never selling the properties that it develops.<ref name=":0" /> == Notable properties == === Office towers === Sumitomo owns around 220 office buildings in Tokyo, most of which are located in the city's seven central wards.<ref name=":0" /> Its largest developments include: *[[Shinjuku Sumitomo Building]] (1974) *[[Shinjuku NS Building]] (1982) *[[Izumi Garden Tower]] (2002) *[[Shinjuku Oak Tower|Shinjuku Oak City]] (2003) *[[Tokyo Shiodome Building]] (2004) *[http://ktgy.com/work/city-tower-at-takanawa/ City Tower Takanawa]<ref>{{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}}</ref> (2004) *Shinjuku Grand Tower (2011) *Tokyo Nihombashi Tower (2015) *[[Sumitomo Fudosan Roppongi Grand Tower|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).<ref>{{Cite web|url=http://www.hvf.jp/eng/|title=Hotel Villa Fontaine|website=www.hvf.jp|language=ja|access-date=July 27, 2018}}</ref> == 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:Sumitomo Group]] [[Category:Real estate companies based in Tokyo]] [[Category:Companies listed on the Tokyo Stock Exchange]] [[Category:Companies in the Nikkei 225]] [[Category:1970s initial public offerings]]'