Sony to sell US headquarters for $1.1 billion
18th Jan 2013 | 09:54
Sony has agreed to sell its US headquarters for $1.1 billion to real estate firm Cherit Group, according to Bloomberg.
Sony said it expects the sale of the 37-story New York building to generate $770 million in net cash after repaying debt, while its various divisions will be allowed to remain for up to three years.
The PlayStation parent is aiming to end a run of losses, which came to a peak last year with the firm's record loss of £3.6bn.
Sony Corp. of America president, Nicole Seligman said of the sale: "Given the opportunities and challenges in the current economic and real estate landscape, selling 550 Madison now is a timely and logical strategic move.
"Regarding our new headquarters, we continue to look at a number of spaces in Manhattan but have not yet made a decision about where to lease."