Sony to Sell NYC HQ for $1.1 Billion

Sony announced that it plans to sell its U.S. headquarters, a 37-story building located on Madison Avenue in New York City. The PS Vita and PlayStation 3 maker will gain an estimated $1.1 billion from the sale. The buyer is a real estate consortium headed by The Chetrit Group. Sony expects that the transaction will close in March 2013. After paying back debt related to the building, Sony plans to pocket around $770 million from the sale.

SCA and other Sony businesses including Sony Music Entertainment, Sony/ATV Music Publishing and Sony Pictures Entertainment will remain in the building for up to three years under a leaseback it has arranged with the purchaser.

According to Cnet, Sony also announced that it will cut around 10,000 jobs, sell some assets and is reportedly looking to sell its Tokyo building for between $1 billion – $1.5 billion.

Source: PR Newswire

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