Sony Sells Madison Avenue Building in New York City Jan 24, 2013

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Sony Corp. of America (SCA), a wholly owned subsidiary of Sony Corp., has an agreement to sell its U.S. headquarters building at 550 Madison Avenue in New York City.

The buyer is a consortium led by The Chetrit Group, a New York-based owner of commercial properties in New York City and other major US real estate markets.

The building will sell for $1.1 billion. It is expected that the transaction will close in March 2013.

SCA and other Sony businesses will remain in the building for up to three years under a leaseback arrangement with the purchaser.

After repaying debt related to the building and other transaction costs, Sony expects to net about $770 million.

Sony said it is undertaking a range of initiatives to strengthen its financial foundation and business competitiveness and for future growth.

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