BookTitleToyota Tsusho 70-Year History

Summary

Toyota Tsusho 70-Year History

ColumnEntering the Rental Building Business That Would Leadto Midland SquareFormer Toyoda Building (around July 1957)Full view of Midland SquareIt is said that it was around 1951 that the idea of rebuilding Toyoda Kaikan, whichwas completed in November 1946, and turning it into a rental building businesswas born. Some within the Toyota Group said that the rental building business wasa luxury, but the development in front of Nagoya Station was clearly foreseen. ThenNisshin Tsusho jointly invested with Toyota Motor Co., Ltd., and Toyoda AutomaticLoom Works, Ltd., and established Towa Real Estate Co., Ltd., in August 1953.At that time, the Bank of Japan’s financial regulations were strict, so it was difficultto get a bank loan in the rental building business, and there was also strongskepticism of automakers entering the rental building business. The companywas named Towa Real Estate, instead of Toyota Real Estate, in light of suchconsiderations.Under such circumstances, Towa Real Estate raised funds in a difficult financialenvironment, and what it completed in front of Nagoya Station was the ToyodaBuilding.The Toyoda Building housed not only Toyoda Tsusho’s head office but also financerelatedshops, restaurants, a movie theater, and multipurpose halls. As such itplayed a role in the development of the underground shopping district in Nagoya.After the construction of the No. 2 Toyoda Building, however, it was demolishedalong with the adjacent Mainichi Building in 2006 and reborn as Midland Square,which is a landmark in the Nagoya Station area.76