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Sony will sell New York headquarters for $1.1 billion

Posted: , by Victor H.

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Sony will sell New York headquarters for $1.1 billion
After Nokia first sold its headquarters in Finland, now it’s Sony’s turn to start selling out core assets for cash. Unlike Nokia however which sold its homebase in Espoo, Finland, Sony is selling the building where its U.S. office resides, not their main Tokyo HQ.

Sony will sell the 37-story headquarters in New York City for around $1.1 billion to an investor group headed by Chetrit.

Overall, the sale should yield Sony $770 million in cash, a big injection for the struggling company. The Japanese electronics maker said it will continue leasing the space in the next three years.

Chetrit Group, the buyer, also owns the famous 108-story Willis Tower (often referred to as the Sears Tower).

As to the building Sony is selling right now, it is located at 550 Madison Avenue, and until 2002 was owned by AT&T. The Japanese company bought it for $236 million.

source: Bloomberg

20 Comments
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posted on 18 Jan 2013, 07:51 5

1. papss (unregistered)


Hmmm... It's a tough market right now.

posted on 18 Jan 2013, 22:40

18. Nadr1212 (Posts: 741; Member since: 22 Sep 2012)


PA shouldn't complain for Sony cuz they r about to make a come-back with their Sony Xperia Z and (possibly) ZL

posted on 18 Jan 2013, 07:52 18

2. anupam.chopra (Posts: 17; Member since: 04 Dec 2012)


Buy it For 236 million sell it for 1.1 Billion. 550% return in 10 years. Not bad ..... :-)

posted on 18 Jan 2013, 08:22 9

5. flower99 (banned) (Posts: 54; Member since: 18 Nov 2012)


dont say out loud, at&t will cry lol

posted on 18 Jan 2013, 09:11

8. android_hitman (Posts: 594; Member since: 07 Jul 2010)


not bad dude... but it's stupid to sell such a nice asset...

posted on 18 Jan 2013, 09:43 3

9. Kreft (Posts: 84; Member since: 27 Dec 2012)


Except inflation.

posted on 18 Jan 2013, 10:04

11. the_best (Posts: 134; Member since: 14 Oct 2012)


not entirerly true, the usd lost nearly half its value in that time.. but its still a nice profit =)

posted on 18 Jan 2013, 07:53 8

3. jsdechavez (Posts: 702; Member since: 20 Jul 2012)


That's a big profit.. 200 mil to 1B!

posted on 18 Jan 2013, 08:10 9

4. loken (Posts: 462; Member since: 09 May 2012)


smart sony smart!

posted on 18 Jan 2013, 08:57

6. BLikens1619 (Posts: 53; Member since: 12 Apr 2008)


So does this mean that the Sony Store at 550 Madison Avenue will close as well?

posted on 18 Jan 2013, 15:14

15. darac (Posts: 2156; Member since: 17 Oct 2011)


Nothing will get closed, Sony will stay there and continue using it on a lease

posted on 18 Jan 2013, 09:05 2

7. RaKithAPeiRiZ (Posts: 1336; Member since: 29 Dec 2011)


if i had money ...ill just buy that Building for no apparent reason

posted on 18 Jan 2013, 09:53 3

10. oister85 (Posts: 396; Member since: 27 Apr 2012)


How bad is sony struggling right now.
I hope the z help them
Also the nokia with the lumia 920

posted on 18 Jan 2013, 10:18 1

12. Tsepz_GP (Posts: 819; Member since: 12 Apr 2012)


Poor Sony, it's a mere shadow of its former self, they need to focus on at least getting back in the black financially. How the mighty have fallen.

posted on 18 Jan 2013, 11:57 4

13. r41nier (Posts: 63; Member since: 13 Oct 2011)


Sony changed strategy 9 months ago with the new CEO. We will see it's effect on the future of Sony. I'm sure Xperia Z will help them rise again.

posted on 18 Jan 2013, 13:56 1

14. techloverNYC (Posts: 399; Member since: 20 Nov 2012)


Its not like sony actually lose money in this deal

posted on 18 Jan 2013, 20:38

17. oister85 (Posts: 396; Member since: 27 Apr 2012)


yeah but that means they struggling internelly with money

posted on 18 Jan 2013, 17:02 1

16. MrJerry (Posts: 393; Member since: 05 Oct 2012)


Plz rise up sony

I just dont want sammy to dominate whole market
I want competition
It is good for everyone except for lazy-lame company

posted on 19 Jan 2013, 03:19

19. belovedson (Posts: 832; Member since: 30 Nov 2010)


sony has been hurting for awhile

no one really gives a crap about their televisions, laptops, or computers

apart from the z for (att)? and the playstation series. they are only eeking it out right now

posted on 19 Jan 2013, 12:27

20. jackhammeR (Posts: 1548; Member since: 17 Oct 2011)


...and they were laughing at Nokia...

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