News Column

Sony Sells US HQ for $1.1 Billion

Jan. 18, 2013

Japanese electronics maker Sony has sold the 37-storey building serving as its US headquarters in New York for 1.1 billion dollars, the company announced Friday.

After debts and other costs, Sony will book around 685 million dollars as operative profit from the sale. The company suffering high loses is fighting to come back into profitability.

The sale to investors of the Madison Avenue property by real estate firm Chetrit Group is to be finalized in March - just in time for the end of the Sony financial year ending March 31.

The operations of Sony's US subsidiaries such as Sony Music and Sony Pictures are to remain in the building for another three years, the company reported.

Source: Copyright 2013 dpa Deutsche Presse-Agentur GmbH