Sony has agreed to sell its US headquarters for $1.1 billion, according to Bloomberg.
Real estate agent Cherit Group have dropped a megaton of money on the base that climbs 37-stories New York’s skyline. Sony expects the sale to regenerate $770 million in net cash after repaying debts; a positive sign after posting a record loss of £3.6 billion last year.
“Given the opportunities and challenges in the current economic and real estate landscape, selling 550 Madison now is a timely and logical strategic move,” commented 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.”