Sony sells Madison Avenue HQ

Kyodo

Sony Corp. said Monday it has completed the sale of its U.S. headquarters building in Manhattan for around $1.1 billion (¥104 billion) to improve its financial profile.

The skyscraper on Madison Avenue, housing the head office of Sony Corp. of America and group companies, was sold to a consortium of investors led by the Chetrit Group.

As a result of the sale of the 36-story building, Sony said it is expected to post about $685 million (¥65 billion) as part of its group operating profit for the business year ending March 31.

Sony bought the building from AT&T in 2002. Sony said its group firms will remain tenants for up to three years.