Sumitomo Corporation Acquires Newly Renovated Office Building in Downtown San
Diego Business District
NEW YORK, Dec. 4, 2013
NEW YORK, Dec. 4, 2013 /PRNewswire/ --Sumitomo Corporation of America (SCOA)
acquired 450B Street for $73M in the heart of the business district of
downtown San Diego on November 20, 2013. The office tower was renovated in
2009 and sits on over 1.22 acres of land.
The twenty story building features 290,000SF of office space which is
currently 81% occupied with the major tenants being Bank of America and the
County of San Diego. It is walking distance to the historical Gaslamp Quarter,
Petco Park, San Diego Bay and minutes from San Diego International Airport.
"As we work toward our goal of expanding our U.S. real estate investments in
the next several years, this acquisition in San Diego helps us maintain our
diverse portfolio of commercial office buildings across the country" , stated
Tomonori Wada, SVP SCOA, . He adds, "This was an attractive investment because
the San Diego market has great future potential and demographics show a city
which expects stable growth in employment with a limited supply of office
Sumitomo Corporation has more than 30 years of real estate investment and
development experience in the U.S. and additional investments outside Japan
including Indonesia, China, Thailand, Singapore, UK and Brazil. The current
real estate investment balance of Sumitomo Corporation is approximately $5
billion globally with $500 million outside Japan. By 2019, Sumitomo
Corporation plans to expand their investments to $6 billion worldwide and
double their investment to $1 billion outside Japan.
SCOA has acquired and sold commercial office buildings in cities including New
York, Washington D.C., Honolulu, Los Angeles, Miami, San Francisco, Phoenix
and Tempe. In the future, SCOA will also seek to play a role in supporting
international investors who will invest in the US real estate market by
utilizing their experience and expertise.
About Sumitomo Corporation of America
Established in 1952, and headquartered in New York City, Sumitomo Corporation
of America (SCOA) has 10 offices in major U.S. cities. SCOA is the largest
subsidiary of Sumitomo Corporation, one of the world's leading traders of
goods and services. As an integrated business enterprise, the firm has
emerged as a major organizer of multinational projects, an expediter of ideas,
an important international investor and financier, and a powerful force for
distribution of products and global communications through a network of
offices worldwide. For more information visit www.sumitomocorp.com.
SOURCE Sumitomo Corporation of America
Contact: Ms. Jewelle Yamada, Phone: 212-207-0574, Mobile: 646-584-9556,
E-mail: firstname.lastname@example.org, or Ms. Vanessa Goldschneider,
Phone: 212-207-0567, Mobile: 914-610-9174, E-mail:
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