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.