Sony has agreed to sell its North American headquarters to investors led by real estate firm Chetrit Group for $1.1 billion, according to Bloomberg.
The headquarters in question are contained within a 37-storey building in New York, the sale of which is set to generate (after the repayment of related debt) around $770 million in cash, which will no doubt be welcomed by Sony after having posted a record loss of around $5.5 billion last year.
Despite the sale, various divisions located within the building will be allowed to remain in their current location for up to three years.
Speaking of the sale, Sony Corp. of America President, Nicole Seligman, said,
“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.”
[Via: CVG]
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