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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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About Matthew Bennett

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Matt is one of the longest-serving members of the EGMNOW team. 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. Find him on Twitter @mattyjb89

Sony to Sell U.S. Headquarters

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

By Matthew Bennett | 01/18/2013 06:12 AM PT

News

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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About Matthew Bennett

view all posts

Matt is one of the longest-serving members of the EGMNOW team. 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. Find him on Twitter @mattyjb89