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Sony to Sell U.S. Headquarters

Posted on January 18, 2013 AT 03:12am

Sony has agreed to sell its U.S. headquarters to real estate company Cherit Group for around $1.1 billion.

Sony has said that it expects the sale of the building to generate $770 million in net cash after debt repayment. Its various divisions currently housed in the building will be allowed to remain for up to three years following the sale.

“Given the opportunities and challenges in the current economic and real estate landscape, selling 550 Madison now is a timely and logical strategic move,” said Sony Corp. of America president Nicole Seligman. “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.”

Source: Bloomberg

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Matthew Bennett finally got his big break with EGM three years ago, following years of volunteer work for various sites. An ability to go many hours without sleep and a quick wit make him ideal for his role as associate editor at EGMNOW.com. He often thinks back to the days when the very idea of this career seemed like nothing but an impossible dream. Follow him on Twitter @mattyjb89. Meet the rest of the crew.

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