Sony to Sell NYC Office For $1.1B

Sony has announced the sale of its NYC headquarters for $1.1 billion. The company will net $770M on the deal and continue to rent the building from its new owners. Sony said it expects the sale of 550 Madison Ave. to generate net cash proceeds of about $770 million after repaying debt tied to the building and other transaction costs. The company and other units of the Japanese parent, including Sony Music Entertainment, will remain in the building for up to three years, Sony said in a statement released in New York.