Sony is selling US headquarters for $1.1 billion

sonyny

Sony has found a way to raise some funds — by selling their US headquarters building in New York City to investors for $1.1 billion. As the company works to cut losses throughout the company, this will generate $770 million for Sony. This is similar to how Nokia sold their Espoo headquarters, as they are going to continue to occupy the building for up to three years as they lease it from the new owners, the Chetrit group.

Sony is looking to complete the sale by March, the same time the company predicts it will return to becoming profitable. So not all is gloomy for Sony these days — at least they still make some pretty cool products.

[via The Verge, image via Tomas Fano]

Share this post

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

4 comments

  1. Ashraf
    Mr. Boss

    @AFPhys: You will be surprised how US taxation works. It is not based on where a HQ is but rather where a corporation is incorporated. I don’t know where Sony America is incorporated, but my guess is Delaware. Therefore, while I may be wrong, I doubt Sony has to pay much tax to NY — at least not income tax.
    @jayesstee: I’m taking donations.
    @clockmendergb: It is a classic sale-lease-back scheme.

  2. clockmendergb

    @AFPhys:
    I understood it to say they will stay in the Building for at least 3 years by which time they will be into profits again.
    Nothing is saying they are leaving New York or going anywhere else..

    Sounds like a little fear mongering to me