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Sumitomo Works Towards Expanding Investments

SAN DIEGO-With a recent $73-million downtown San Diego office buy, the company is one step closer to its goal of expanding here in the US and “maintaining its diverse portfolio.”

By Natalie Dolce | Updated on December 09, 2013

SAN DIEGO-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that Sumitomo Corp. of America just recently acquired 450B St. for $73 million in the heart of the business district of downtown San Diego. The office tower was renovated in 2009 and sits on over 1.22 acres of land. 

“As we work toward our goal of expanding our US 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,” states Tomonori Wada, SVP of SCOA. “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.”

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