Sony gets a new building

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Avatar image for Shewgenja
#1 Posted by Shewgenja (19509 posts) -

Cuz I know how much our amateur business analyst division loves this sort of thing.

Sony Corporation of America Signs Lease for Tower Space at 11 Madison Avenue

February 24, 2014 11:02 AM Eastern Standard Time

NEW YORK--(BUSINESS WIRE)--Sony Corporation of America has signed a 15-year lease with The Sapir Organization and CIM Group for approximately 525,000 square feet of space at 11 Madison Avenue, the iconic office building overlooking Madison Square Park in Manhattan’s Flatiron District. Sony will occupy the top 10 floors of the building, as well as the rooftop, and will have a dedicated entrance at the corner of Madison Avenue and 25th Street with the address of 25 Madison Avenue.

“We are pleased to have Sony join our other long-standing anchor tenant, Credit Suisse, and to have two world-class corporations that have made long-term commitments to the building.”

The space will serve not only as the U.S. headquarters of Tokyo-based Sony Corporation, but also as the global headquarters of both Sony Music Entertainment and Sony/ATV Music Publishing. New York-based employees of Sony Pictures Entertainment and Sony DADC will also move to 25 Madison Avenue. The Sony Store will occupy the ground-floor retail space on Madison Avenue adjacent to Sony’s dedicated building entrance.

Sony plans to move from its current U.S. headquarters at 550 Madison to its new space in early 2016. STUDIOS architecture will develop the space. Sony sold 550 Madison Avenue in 2013 to a consortium led by The Chetrit Group for approximately $1.1 billion.

“We’re excited to be moving to this magnificent building in one of New York City’s most dynamic and desirable neighborhoods,” said Nicole Seligman, President of Sony Corporation of America. “Our new home will put us right where we belong: among the city’s leading cutting-edge technology and entertainment companies.”

“Sony’s move to 11 Madison is a testament to my father’s vision that the building would become one of New York’s most distinguished and desired office headquarters,” said Alex Sapir, President of The Sapir Organization, which owns 11 Madison with CIM Group. “We are pleased to have Sony join our other long-standing anchor tenant, Credit Suisse, and to have two world-class corporations that have made long-term commitments to the building.”

“Today’s news further confirms our conviction that the Flatiron District is increasingly a highly sought-after community for some of the world’s leading corporations that also features some of New York City’s premier residential towers, restaurants, shops, cultural, and entertainment venues,” said Avi Shemesh, Principal at CIM.

Terms of the lease agreement were not disclosed.

ABOUT SONY CORPORATION OF AMERICA

Sony Corporation of America, located in New York, NY, is the U.S. headquarters of Sony Corporation, based in Tokyo, Japan. Sony's principal U.S. businesses include Sony Electronics Inc., Sony Mobile Communications (USA) Inc., Sony Computer Entertainment America LLC, Sony Network Entertainment International LLC, Sony Pictures Entertainment Inc., Sony Music Entertainment, Sony/ATV Music Publishing LLC, and Sony Online Entertainment LLC. With some 900 million Sony devices in hands and homes worldwide today, a vast array of Sony movies, television shows and music, and the PlayStation Network and the Sony Entertainment Network, Sony creates and delivers more entertainment experiences to more people than anyone else on earth.

ABOUT THE SAPIR ORGANIZATION

The Sapir Organization is a group of privately held companies, owned by Sapir family members. Collectively, this New York-based real estate Organization owns and manages approximately 6 million square feet of prime Manhattan commercial and residential space. Founded by Mr. Tamir Sapir, chairman, the Organization has embarked on residential and multi-use projects under the leadership of Mr. Alex Sapir and Mr. Rotem Rosen through ASRR, LLC. The Organization owns and manages significant architectural landmarks throughout Manhattan, including 11 Madison Avenue, 2 Broadway, Trump Soho Hotel & Condominium, 260 Madison Avenue, 261 Madison Avenue and two residential buildings, 50 Murray Street and 53 Park Place.

ABOUT CIM

CIM Group is a leading real estate and infrastructure investment firm that since 1994 has systematically and successfully invested in dynamic and densely populated communities throughout North America. CIM Group draws on its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities in three primary strategic categories: repositioning and development projects in established and emerging urban areas; well-positioned operating properties in transitional and established districts; and infrastructure. CIM manages three distinct portfolios, including opportunistic, stabilized and infrastructure funds, each of which are diversified by geography and type of property within that risk profile. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area and Bethesda, Maryland. For more information, please visit www.cimgroup.com

Buildings! Important things are important.

Behold! This mighty castle and it's crown is Sony! They even own the roof. Probably so they can see the piles of money they make from the PS4.

Avatar image for TorqueHappens08
#2 Edited by TorqueHappens08 (1219 posts) -

Closes some small stores...gets a tower.

Avatar image for misterpmedia
#3 Posted by misterpmedia (6209 posts) -

@TorqueHappens08 said:

Closes some small stores...gets a tower.

They need a tower to drop a delsin on all the haters.

Avatar image for sts106mat
#4 Edited by sts106mat (24235 posts) -

MoooGenja "buh buh buh i am not a cow"

haha

Avatar image for TorqueHappens08
#5 Edited by TorqueHappens08 (1219 posts) -

Meanwhile, At nintendo

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#6 Posted by LJS9502_basic (163065 posts) -

@TorqueHappens08: LOL...but come on...Nintendo is games.

Avatar image for SolidGame_basic
#7 Posted by SolidGame_basic (22621 posts) -

sweet, now if they could only respond to my job applications, that would be great

Avatar image for xboxdone74
#9 Posted by XboxDone74 (2116 posts) -

Its like the ivory tower. SDC.

Avatar image for LJS9502_basic
#10 Posted by LJS9502_basic (163065 posts) -

@TorqueHappens08: Why'd you erase your post?

Avatar image for Bishop1310
#11 Posted by Bishop1310 (1274 posts) -

sweet thread bro.

Avatar image for Shewgenja
#12 Posted by Shewgenja (19509 posts) -

@TorqueHappens08 said:

Meanwhile, At nintendo

Dayum!!

Avatar image for cainetao11
#13 Edited by cainetao11 (33473 posts) -

@Shewgenja: gonna be while before they see that money. 6 billion dollar trench around that castle needs to be filled first. gonna have to go by. I live on 24st 7 th ave, and that building is on my way to the VA. Also, they didn't "get" the building. Its a lease. Company is making good, tough, moves to strip down. Necessary and I believe in the next decade they can rise up.

Avatar image for Shewgenja
#14 Posted by Shewgenja (19509 posts) -

@sts106mat said:

MoooGenja "buh buh buh i am not a cow"

haha

If being called a Cow for not cheerleading for an overpriced TV remote is the worst that can happen on this board, then so be it.

I actually consider myself Glorious VR Gaming Master Race once I get my OR and Morpheus.

Avatar image for Nonstop-Madness
#15 Posted by Nonstop-Madness (9869 posts) -

Dat PS4 money is doing wonders

Avatar image for MonsieurX
#16 Posted by MonsieurX (37215 posts) -

Misleading title is misleading.

They are leasing it.

Just like cows are leasing their games with PSN+

Avatar image for lglz1337
#17 Edited by lglz1337 (4942 posts) -

bbbbbbbut sony is bankrupt

Avatar image for Shewgenja
#18 Edited by Shewgenja (19509 posts) -

@MonsieurX said:

Misleading title is misleading.

They are leasing it.

Just like cows are leasing their games with PSN+

That's okay, we still call the XBone a games console despite it being a TV remote for people who have no one to talk to.

Avatar image for deactivated-5acbb9993d0bd
#19 Posted by deactivated-5acbb9993d0bd (12449 posts) -

Avatar image for misterpmedia
#20 Posted by misterpmedia (6209 posts) -

@MonsieurX said:

Misleading title is misleading.

They are leasing it.

Just like cows are leasing their games with PSN+

They must be getting a good deal then. Just like PS+.

Avatar image for MonsieurX
#21 Posted by MonsieurX (37215 posts) -

@Shewgenja said:

@MonsieurX said:

Misleading title is misleading.

They are leasing it.

Just like cows are leasing their games with PSN+

That's okay, we still call the XBone a games console despite it being a TV remote for people who have no one to talk to.

Renting =\= owning

Avatar image for nyzma23
#22 Posted by nyzma23 (1003 posts) -

it's a lease not own

Avatar image for xboxdone74
#23 Posted by XboxDone74 (2116 posts) -

@MonsieurX: wow never thought I'd see somebody get jelly over the leasing of property. but that's a herm for you. Keep on beggin'. B-)

Avatar image for sts106mat
#24 Posted by sts106mat (24235 posts) -

@Shewgenja said:

@sts106mat said:

MoooGenja "buh buh buh i am not a cow"

haha

If being called a Cow for not cheerleading for an overpriced TV remote is the worst that can happen on this board, then so be it.

I actually consider myself Glorious VR Gaming Master Race once I get my OR and Morpheus.

funny i only use my xbox to play games.

Avatar image for MonsieurX
#25 Posted by MonsieurX (37215 posts) -

@xboxdone74 said:

@MonsieurX: wow never thought I'd see somebody get jelly over the leasing of property. but that's a herm for you. Keep on beggin'. B-)

Owning > leasing

Must be too poor to understand that :(

Avatar image for bobbetybob
#26 Posted by bobbetybob (19370 posts) -

To be fair: "Sony plans to move from its current U.S. headquarters at 550 Madison to its new space in early 2016"

They're only moving.

Avatar image for xboxdone74
#27 Posted by XboxDone74 (2116 posts) -

@MonsieurX: heh. my son, to be a herm means to live in squalor and to only be able to afford games when they are $2 on Steam.

to make a general statement like owning is better than leasing proves that you never dealt with any type of finances whatsoever.

you should at least help out with your parents mortgage. that basement isn't going to pay for itself.

keep on beggin

Avatar image for MonsieurX
#28 Posted by MonsieurX (37215 posts) -

@xboxdone74 said:

@MonsieurX: heh. my son, to be a herm means to live in squalor and to only be able to afford games when they are $2 on Steam.

to make a general statement like owning is better than leasing proves that you never dealt with any type of finances whatsoever.

you should at least help out with your parents mortgage. that basement isn't going to pay for itself.

keep on beggin

Poor xboxdone74,can't afford to have his own place :(

Avatar image for HalcyonScarlet
#29 Posted by HalcyonScarlet (8066 posts) -
@TorqueHappens08 said:

Closes some small stores...gets a tower.

Or rents the top ten floors of one.

Avatar image for mems_1224
#30 Posted by mems_1224 (56917 posts) -

@MonsieurX said:

Misleading title is misleading.

They are leasing it.

Just like cows are leasing their games with PSN+

lol damn

Avatar image for xboxdone74
#31 Posted by XboxDone74 (2116 posts) -

@MonsieurX: ssshh. My son. I understand, you wish to be as successful as I am. Well, relying on monthly welfare is not going to provide that.

I can help you, my child. I can provide for you that which your spawn parents have not.

Come out of the cold, dank darkness of basement dwelling, and allow me to help you, to help yourself.

Avatar image for always_explicit
#32 Edited by always_explicit (3379 posts) -

I wonder if they will re-employ the thousands of employees they left jobless over the last few years to work in their rented office space. I pay rent too...do I get a thread.

Avatar image for MonsieurX
#33 Posted by MonsieurX (37215 posts) -

@xboxdone74 said:

@MonsieurX: ssshh. My son. I understand, you wish to be as successful as I am. Well, relying on monthly welfare is not going to provide that.

I can help you, my child. I can provide for you that which your spawn parents have not.

Come out of the cold, dank darkness of basement dwelling, and allow me to help you, to help yourself.

-2/10

Avatar image for chikenfriedrice
#34 Posted by chikenfriedrice (13561 posts) -

Sad when ya have to talk about buildings and not games....this gen needs a swift kick in the ass.

Avatar image for shawn30
#35 Posted by shawn30 (4409 posts) -

@Shewgenja said:

Cuz I know how much our amateur business analyst division loves this sort of thing.

Sony Corporation of America Signs Lease for Tower Space at 11 Madison Avenue

February 24, 2014 11:02 AM Eastern Standard Time

NEW YORK--(BUSINESS WIRE)--Sony Corporation of America has signed a 15-year lease with The Sapir Organization and CIM Group for approximately 525,000 square feet of space at 11 Madison Avenue, the iconic office building overlooking Madison Square Park in Manhattan’s Flatiron District. Sony will occupy the top 10 floors of the building, as well as the rooftop, and will have a dedicated entrance at the corner of Madison Avenue and 25th Street with the address of 25 Madison Avenue.

“We are pleased to have Sony join our other long-standing anchor tenant, Credit Suisse, and to have two world-class corporations that have made long-term commitments to the building.”

The space will serve not only as the U.S. headquarters of Tokyo-based Sony Corporation, but also as the global headquarters of both Sony Music Entertainment and Sony/ATV Music Publishing. New York-based employees of Sony Pictures Entertainment and Sony DADC will also move to 25 Madison Avenue. The Sony Store will occupy the ground-floor retail space on Madison Avenue adjacent to Sony’s dedicated building entrance.

Sony plans to move from its current U.S. headquarters at 550 Madison to its new space in early 2016. STUDIOS architecture will develop the space. Sony sold 550 Madison Avenue in 2013 to a consortium led by The Chetrit Group for approximately $1.1 billion.

“We’re excited to be moving to this magnificent building in one of New York City’s most dynamic and desirable neighborhoods,” said Nicole Seligman, President of Sony Corporation of America. “Our new home will put us right where we belong: among the city’s leading cutting-edge technology and entertainment companies.”

“Sony’s move to 11 Madison is a testament to my father’s vision that the building would become one of New York’s most distinguished and desired office headquarters,” said Alex Sapir, President of The Sapir Organization, which owns 11 Madison with CIM Group. “We are pleased to have Sony join our other long-standing anchor tenant, Credit Suisse, and to have two world-class corporations that have made long-term commitments to the building.”

“Today’s news further confirms our conviction that the Flatiron District is increasingly a highly sought-after community for some of the world’s leading corporations that also features some of New York City’s premier residential towers, restaurants, shops, cultural, and entertainment venues,” said Avi Shemesh, Principal at CIM.

Terms of the lease agreement were not disclosed.

ABOUT SONY CORPORATION OF AMERICA

Sony Corporation of America, located in New York, NY, is the U.S. headquarters of Sony Corporation, based in Tokyo, Japan. Sony's principal U.S. businesses include Sony Electronics Inc., Sony Mobile Communications (USA) Inc., Sony Computer Entertainment America LLC, Sony Network Entertainment International LLC, Sony Pictures Entertainment Inc., Sony Music Entertainment, Sony/ATV Music Publishing LLC, and Sony Online Entertainment LLC. With some 900 million Sony devices in hands and homes worldwide today, a vast array of Sony movies, television shows and music, and the PlayStation Network and the Sony Entertainment Network, Sony creates and delivers more entertainment experiences to more people than anyone else on earth.

ABOUT THE SAPIR ORGANIZATION

The Sapir Organization is a group of privately held companies, owned by Sapir family members. Collectively, this New York-based real estate Organization owns and manages approximately 6 million square feet of prime Manhattan commercial and residential space. Founded by Mr. Tamir Sapir, chairman, the Organization has embarked on residential and multi-use projects under the leadership of Mr. Alex Sapir and Mr. Rotem Rosen through ASRR, LLC. The Organization owns and manages significant architectural landmarks throughout Manhattan, including 11 Madison Avenue, 2 Broadway, Trump Soho Hotel & Condominium, 260 Madison Avenue, 261 Madison Avenue and two residential buildings, 50 Murray Street and 53 Park Place.

ABOUT CIM

CIM Group is a leading real estate and infrastructure investment firm that since 1994 has systematically and successfully invested in dynamic and densely populated communities throughout North America. CIM Group draws on its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities in three primary strategic categories: repositioning and development projects in established and emerging urban areas; well-positioned operating properties in transitional and established districts; and infrastructure. CIM manages three distinct portfolios, including opportunistic, stabilized and infrastructure funds, each of which are diversified by geography and type of property within that risk profile. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area and Bethesda, Maryland. For more information, please visit www.cimgroup.com

Buildings! Important things are important.

Behold! This mighty castle and it's crown is Sony! They even own the roof. Probably so they can see the piles of money they make from the PS4.

Uhm, they are renting the top ten floors and the rooftop, not purchasing the building. They are leasing the floors like you lease games on PS+. Its a great building, but Sony isnt buying anything anytime soon.

Avatar image for GrenadeLauncher
#36 Posted by GrenadeLauncher (6843 posts) -

Bu bu but I thought they were selling everything off.

Bu bu but I thought Xbox Won

Avatar image for draign
#37 Posted by Draign (1821 posts) -

Moving up from one rental space to another *Standing Ovation*

Avatar image for sts106mat
#38 Edited by sts106mat (24235 posts) -

@GrenadeLauncher said:

Bu bu but I thought they were selling everything off.

Bu bu but I thought Xbox Won

buh buh buh they are leasing the building not buying it.

LOL at this "news" hahaa

Avatar image for draign
#39 Posted by Draign (1821 posts) -

@sts106mat said:

@GrenadeLauncher said:

Bu bu but I thought they were selling everything off.

Bu bu but I thought Xbox Won

buh buh buh they are leasing the building not buying it.

LOL at this "news" hahaa

Leasing 10 floors, not a building. Carry on...

Avatar image for lostrib
#40 Posted by lostrib (49999 posts) -

@xboxdone74 said:

@MonsieurX: ssshh. My son. I understand, you wish to be as successful as I am. Well, relying on monthly welfare is not going to provide that.

I can help you, my child. I can provide for you that which your spawn parents have not.

Come out of the cold, dank darkness of basement dwelling, and allow me to help you, to help yourself.

...that sounds really creepy

Avatar image for Shewgenja
#41 Edited by Shewgenja (19509 posts) -
@lostrib said:

@xboxdone74 said:

@MonsieurX: ssshh. My son. I understand, you wish to be as successful as I am. Well, relying on monthly welfare is not going to provide that.

I can help you, my child. I can provide for you that which your spawn parents have not.

Come out of the cold, dank darkness of basement dwelling, and allow me to help you, to help yourself.

...that sounds really creepy

I'm glad someone else saw that.

Avatar image for sts106mat
#42 Posted by sts106mat (24235 posts) -

@draign said:

@sts106mat said:

@GrenadeLauncher said:

Bu bu but I thought they were selling everything off.

Bu bu but I thought Xbox Won

buh buh buh they are leasing the building not buying it.

LOL at this "news" hahaa

Leasing 10 floors, not a building. Carry on...

Oh so it's even less news-worthy...

hahaha

this thread is an embarrassment to all cows

Avatar image for Krelian-co
#43 Edited by Krelian-co (13274 posts) -

@sts106mat said:

MoooGenja "buh buh buh i am not a cow"

haha

now you know how you look when you say you are not a lem

Avatar image for kingtito
#44 Posted by kingtito (9174 posts) -

@Shewgenja said:

@sts106mat said:

MoooGenja "buh buh buh i am not a cow"

haha

If being called a Cow for not cheerleading for an overpriced TV remote is the worst that can happen on this board, then so be it.

I actually consider myself Glorious VR Gaming Master Race once I get my OR and Morpheus.

That's not why you're a cow and you know it.

Continue mooing to your fellow cows cowgenja.

Avatar image for sts106mat
#45 Posted by sts106mat (24235 posts) -

@Krelian-co said:

@sts106mat said:

MoooGenja "buh buh buh i am not a cow"

haha

now you know how you look when you say you are not a lem

dont think i have ever once denied being a lem. are you on drugs?

Avatar image for GarGx1
#46 Posted by GarGx1 (9683 posts) -

Very prestigious location but not a huge amount of space, for a company the size of Sony.

Where was the US HQ before this, or is this extra office space?

Avatar image for ReadingRainbow4
#47 Edited by ReadingRainbow4 (18733 posts) -

@TorqueHappens08 said:

Meanwhile, At nintendo

If this is their last gen they can always cook meth.