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Sony to sell US headquarters for $1.1 billion

Various divisions to remain in NYC building for another three years

Sony has agreed to sell its US headquarters for $1.1 billion to real estate firm Cherit Group, according to Bloomberg.

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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."

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