Corporate Japan continues to sell off its once extensive portfolio of commercial real estate to raise money for restructuring. Among the companies recently taking advantage of strong U.S. property prices was SUMITOMO REALTY & DEVELOPMENT CO., LTD. One of its American subsidiaries sold an office building on Fifth Avenue in Manhattan to a Norwegian real estate investment group for $36 million. With the sale, Sumitomo Realty consolidated its U.S. operations in a single unit headquartered in Wilmington, Delaware.
An exchange rate of ¥117=$1.00 was used in this report.aaaaaa