Sony sells famed NYC headquarters for $1.1 billion

Sony Sells NYC Headquarters Sony Madison Avenue Building

Sony (SNE) on Thursday announced that it has entered into an agreement to sell its famed 550 Madison headquarters in New York City. The 37-story building is being purchased by a group of investors led by The Chetrit Group, a New York-based company the owns a number of commercial properties in New York City and other major U.S real estate markets, for $1.1 billion. The sale will help Sony pay off debt and is expected to generate net cash proceeds of about $770 million. BGR exclusively reported Sony’s plans for the sale last October, noting that the company was originally trying to sell the property for between $1.5 billion and $2 billion. As part of the terms of the agreement, Sony will remain in the building as a tenant for up to three years. The transaction is expected to close in March.

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This article was originally published on BGR.com

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