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Sony Sells N.Y. Tower

New York – Sony announced today it has sold its iconic building located here at 550 Madison Avenue as part of a move to shore up its flagging bottom line.

The building is being snatched up in a $1.1 billion deal with a consortium led by The Chetrit Group, a New York-based commercial real estate firm. The deal is expected to close in March and Sony said it will realize a net gain of about $685 million after debts on the building are paid off.

The lease allows Sony to retain offices in the building for up to 36 months.

In a written release, Sony said the sale is part of a company-wide initiative to strengthen its financial foundation and improve cash flow.

The building houses a variety of Sony businesses including Sony Music Entertainment and its flagship Sony Style Store.