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Sony Sells Its Madison Avenue Headquarters For $1.1 Billion

Sony has announced that it's selling its U.S. headquarters building located on Madison Avenue in New York City.

Selling it to a real estate consortium managed by The Chetrit Group, the sale price for the 37-story building is $1.1 billion.

"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 Sony Corporation of America President Nicole Seligman.

Sony, which is cutting 10,000 jobs worldwide, is also said to be looking for a buyer for its Tokyo building. The Japanese technology firm is reportedly seeking a price between $1 billion and $1.5 billion.

After paying back debt stemming from its Madison Avenue building, Sony aims to keep around $770 million from sale. "Sony is undertaking a range of initiatives to strengthen its financial foundation and business competitiveness and for future growth," the company added.

"At the same time, Sony is balancing cash inflows and outflows while working to improve its cash flow by carefully selecting investments, selling assets and strengthening control of working capital such as inventory. This sale is made as a part of such initiatives."

Although Sony is selling its Madison Avenue headquarters, several of its businesses including Sony Music Entertainment, Sony/ATV Music Publishing, Sony Pictures Entertainment, among others will remain in the building for the next few years.

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