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 space."
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