Sony To Sell U.S. Headquarters
Sony has agreed to sell its New York headquarters, according to Bloomberg.
The 37-story building at 550 Madison Ave will be sold to New York-based commercial property firm the Chetrit Group for $1.1 billion, generating around $770 million in net cash for the company. While the sale might sound dramatic, it’s business as usual for Sony’s New York employees, who will continue to work out of the office for up to three years.
The move is one in a series of efforts to sell assets and cut jobs in response to four years of straight losses for Sony, which is currently re-evaluating its financial forecast based on the sale. As it stands, the company has predicted a 20 billion-yen ($223 million) profit for the fiscal year, which ends in March.
This is a positive turnaround for Sony in the wake of its massive 457 billion-yen loss year.
By Lucy O’Brien