Sony agrees to sell US headquarters for $1.1 billion

Sony logo NYC HQ (STOCK)

Sony will sell its US headquarters building to investors for $ 1.1 billion, according to Bloomberg. The sale is expected to generate net cash of around $ 770 million for Sony, which is working to cut losses across the board. The company will continue occupying the 37-story building at 550 Madison Avenue for up to three years, leasing from new owners the Chetrit Group, which also co-owns Willis Tower in Chicago. The building was previously owned by AT&T, which sold it to Sony in 2002 for $ 236 million.

Sony hopes to complete the sale in March — perhaps not coincidentally the end of its fiscal year, by which it has predicted a return to profit. The company is said to be currently re-evaluating its predictions based on the sale, however, so…

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