Sony sells office building for $1.2 billion
PlayStation maker sells second major office this year; employees will remain in Tokyo building for five years.
Sony has sold another major office building. The PlayStation maker today announced it had sold its City Osaki office in Tokyo for ¥111.1 billion ($1.2 billion) to Nippon Building Fund Inc. and a Japanese institutional investor.
After deducting transaction cost expenses, Sony received ¥110 billion ($1.19 billion). As part of the deal, Sony and other Sony Group businesses will remain in the building for five years.
As a result of the sale, Sony said it expects to gain ¥41 billion ($445 million) in operating income to be recorded for the company's fourth quarter ending March 31. Sony conducted this sale as part of a wider initiative aimed at strengthening its corporate structure and returning to a profit.
Sony last month sold its New York City headquarters for $1.1 billion. Employees will remain in that 37-story Madison Ave. building for a period of up to three years.