Itechnology

Sony selling NY headquarters

As Sony has earned less profit under the CEO Kazuo Hirai, during this period, Sony now has announced to sale its New York Headquarters Buildings in $1.1 Billion for looking revenue for thier other operations as they facing the shorten of money for that. Sony selling the headquarters to a consortium headed by Chetrit Group. After selling, Sony will pay rent for this building for using. This building is at 550 Madison Avenue. Sony is commonly know as Sony Corporation of America (SCA) in United States. The transaction period for this sale out is set by March 2013. As per agreement of sale, the Sony Music Entertainment, Sony / ATV Music Publishing and Sony Pictures Entertainment offices will remain in the building. Sony unvelied reasons for this sale that they are making their financial foundstion more strengthen this deal is for our future growth and this action is for setting up our cash flow for investments. The book value set for this sale is approximately $174 million and gain on sale expted $685 million.