Sony has agreed to sell its 37-story headquarters building in New York. According to Bloomberg, the building will be sold for for $1.1 billion to commercial property firm the Chetrit Group. This will bring in approximately $770 million for the company.
“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 Nicole Seligman, President of Sony Corp. of America Nicole. Sony's New York employees will continue to work out of this location for up to three more years, while the company looks for a new place in Manhattan to lease.
Sony boss Kaz Hirai has made it his primary goal to get the company back on track to profitability, and this is certainly a step in the right direction. Sony is currently re-evaluating its financial forecast in light of the sale, and as of right now, they're anticipating $223 million in profit for the fiscal year.