Published on January 18th, 2013 | by Mark Gibson, Editor/Community Manager
Sony to Sell US Office For $1.1 Billion
Sony has announced that it plans to sell its Madison Avenue New York skyscraper headquarters for $1.1 billion. The 37-story office building will be sold to an investment association led by the Chetrit Group.
After building debt and transaction costs, Sony plans to net proceeds of $770 million. Although the deal is expected to close by March 2013, Sony Pictures, Sony Music Entertainment and Sony Corporation will remain in the building up to three years from now on a lease.
The reason for the building sale falls along the lines of looking enticing to investors and meeting financial goals by March set by the company. News of the sale sent the Tokyo Stock Exchange ablaze with shares up 12 percent.