Sumitomo featured in Minnesota StarTribune: Meet the Japanese building owner doubling down on a downtown Minneapolis office tower
SPS Tower’s owners were profiled recently in a Minnesota StarTribune story, which focused on their commitment to downtown Minneapolis and their business mission to create a long-term legacy.
Minako Sakuma, general manager for the real estate division of Sumitomo Corporation of America, was featured prominently in the article, sharing how SCOA’s management philosophy guides the firm’s investment in its assets.
“Sumitomo’s business model is always to see the mid- to long-term,” Sakuma said in an interview. “Our corporate message is enriching lives and the world. Of course, we need to pursue profit, but our business should be something beneficial to the people involved and society.”
Senior Vice President of leasing for SPS Tower Jim Montez has led leasing for SPS Towers for more than 10 years and provided the vision for the Tower’s most recent $8 million in upgrades. “We focused on financials as the top priority, and we also spent a lot of time thinking about what our employees actually need from an office in a hybrid work environment,” he said. “What does that space look like five years from now?”
The renovations have driven increasing interest in leasing from a variety of businesses, but have helped retain tenants, leading to 82% occupancy and an average tenant tenure of 17 years — far longer than most downtown buildings.