Sony Corporation of America is selling its New York City headquarters for a brisk $1.1 billion. The 37-story Madison Avenue building will sell to The Chetrit Group, a real estate consortium, this March.
After transaction costs and the building debts are sorted, Sony should see only around $770 million of that $1.1 billion. Sony believes $685 million will be recorded as operating income.
After selling, Sony Music Entertainment, Sony/ATV Music Publishing and Sony Pictures Entertainment are allowed to remain in the building for up to three years as promised by leaseback arrangement with the purchaser.
Johnny is a freelance writer whose work features on PopMatters, Critical Distance, Nightmare Mode, Writer's Weekly, GlobalPost and much, much more. Um, If his mom is reading this, he says he applied at that "one place" but they're currently not hiring. Now he's telling me to tell her that he'll, uh, be back with the car by six...