Sony will sell New York headquarters for $1.1 billion
posted by Victor H. / Jan 18, 2013, 7:46 AM
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.
Hmmm... It's a tough market right now.
posted on Jan 18, 2013, 7:51 AM 5
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 ..... :-)
posted on Jan 18, 2013, 7:52 AM 18
Posts: 67; Member since: Apr 12, 2008
So does this mean that the Sony Store at 550 Madison Avenue will close as well?
posted on Jan 18, 2013, 8:57 AM 0
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.
posted on Jan 18, 2013, 10:18 AM 1
Posts: 601; Member since: Nov 20, 2012
Its not like sony actually lose money in this deal
posted on Jan 18, 2013, 1:56 PM 1
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
posted on Jan 19, 2013, 3:19 AM 0
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