Sony will sell New York headquarters for $1.1 billion

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

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20 Comments

1. papss unregistered

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

18. Nadr1212

Posts: 741; Member since: Sep 22, 2012

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

2. anupam.chopra

Posts: 17; Member since: Dec 04, 2012

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

5. flower99

Posts: 54; Member since: Nov 18, 2012

dont say out loud, at&t will cry lol

8. android_hitman unregistered

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

9. Kreft

Posts: 84; Member since: Dec 27, 2012

Except inflation.

11. the_best

Posts: 139; Member since: Oct 14, 2012

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

3. jsdechavez

Posts: 784; Member since: Jul 20, 2012

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

4. loken

Posts: 462; Member since: May 09, 2012

smart sony smart!

6. BLikens1619

Posts: 67; Member since: Apr 12, 2008

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

15. darac

Posts: 2156; Member since: Oct 17, 2011

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

7. RaKithAPeiRiZ

Posts: 1488; Member since: Dec 29, 2011

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

10. oister85

Posts: 508; Member since: Apr 27, 2012

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

12. Tsepz_GP

Posts: 1157; Member since: Apr 12, 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.

13. r41nier

Posts: 70; Member since: Oct 13, 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.

14. techloverNYC

Posts: 601; Member since: Nov 20, 2012

Its not like sony actually lose money in this deal

17. oister85

Posts: 508; Member since: Apr 27, 2012

yeah but that means they struggling internelly with money

16. MrJerry

Posts: 403; Member since: Oct 05, 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

19. belovedson

Posts: 1060; Member since: Nov 30, 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

20. jackhammeR

Posts: 1548; Member since: Oct 17, 2011

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

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