Sony to Sell US$1.1 Billion U.S. Headquarters Building

posted on 2013-01-20 11:44 EST

Sony announced on Friday that it has agreed to sell its U.S. headquarters in Manhattan to real estate development firm Chetrit Group for US$1.1 billion, as part of a strategy to consolidate after four years of financial losses. Sony expects an income gain of US$689 million from the sale, almost four times the amount paid when the building was first purchased in 2002.

Sony's chief executive Kazu Hirai has assured that despite the building purchase, the company's entertainment properties will continue business as usual, and will not be up for sale any time soon. Current staff, including Sony Music and Pictures groups, will remain in the Manhattan headquarters for up to three years after the transaction in March.

Source: The Hollywood Reporter

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