Another major Japanese real estate developer has decided that the time has come to sell its offshore property holdings and use the proceeds to pay down debt. SUMITOMO REALTY & DEVELOPMENT CO., LTD., though, is going further than some of its equally struggling counterparts in that it plans to liquidate its complete portfolio of foreign assets. In the United States, those include the Tishman Building at 666 Fifth Avenue in Manhattan. Sumitomo Realty reportedly paid close to $500 million for this 41-story office tower in 1987. Other U.S. properties that will be put up for sale include a Park Hyatt Hotel in California. The company's subsidiaries in New York City and Irvine, California also will be liquidated. No time frame has been set for Sumitomo Realty's withdrawal from the overseas property market.
An exchange rate of ¥103=$1.00 was used in this report. aaa