Sale of 550 Madison Avenue to generate $770m in cash proceeds
The long-time headquarters of Sony's US division is to be sold for $1.1 billion to a group of investors led by the Chetrit Group.
The company is trying to generate cash after years of losses due to falling demand for televisions, competition from Samsung, and a strong Yen.
Bloomberg reports the sale will generate $770 million in cash proceeds after debts related to the building and transaction costs.
The company will remain in the building, along with other children of its Japanese forbearer, for up to three years.
The sale will take advantage of the rising price of real estate.