Sumitomo Realty and Development

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.From the early 1960s, Sumitomo was active in developing and selling condominium properties.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 , and its elevators were the fastest in the world.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 in 1982.Sumitomo actively invested in California and Hawaii real estate during the 1970s. In 1987, Sumitomo acquired the Tishman Building at 666 Fifth Avenue in New York City, which it sold at a loss in 1998. In 1989, Sumitomo acquired the JW Marriott hotel in Century City, Los Angeles for $85 million. Sumitomo also set up subsidiaries in Washington, D.C. and Sydney during the 1980s.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.