While Sony CEO Kaz Hirai announces that his corporation is on the road to recovery, it emerges that the US arm of the PlayStation maker is to sell off its New York headquarters for $1.1 billion to real estate firm Cherit Group.
Although Sony intends to make some $770 million in net cash from the sale, the employees currently working in various divisions there will be able to carry on doing so for another three years. Sort of like a lease.
Nicole Seligman, Sony Corp America's president, said "Given the opportunities and challenges in the current economic and real estate landscape, selling 550 Madison now is a timely and logical strategic move. Regarding our new headquarters, we continue to look at a number of spaces in Manhattan but have not yet made a decision about where to lease."
It's all part of a plan to help the corporation shirk off a string of losses, which hit £3.6 billion last year.
Source: Bloomberg
Although Sony intends to make some $770 million in net cash from the sale, the employees currently working in various divisions there will be able to carry on doing so for another three years. Sort of like a lease.
Nicole Seligman, Sony Corp America's president, said "Given the opportunities and challenges in the current economic and real estate landscape, selling 550 Madison now is a timely and logical strategic move. Regarding our new headquarters, we continue to look at a number of spaces in Manhattan but have not yet made a decision about where to lease."
It's all part of a plan to help the corporation shirk off a string of losses, which hit £3.6 billion last year.
Source: Bloomberg
Companies:
Sony
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