Sony Unloads US Headquarters For $1.1B To Chetrit Group

Law360, New York (January 18, 2013, 2:45 PM ET) -- Sony Corp.'s U.S. unit has agreed to sell its U.S. headquarters at 550 Madison Ave. in Manhattan to The Chetrit Group for $1.1 billion, the company announced late Thursday.

Sony Corp. of America said in a statement that the sale is likely to bring in about $770 million in net cash proceeds, with the company realizing a gain on the sale of about $685 million to be recorded as operating income.

The deal comes amid an asset sell-off aimed at offsetting several years of losses, including...
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