NEW YORK CITY-Sony is considering the sale of its 37-story US headquarters tower here, according to a story in the New York Post by Claire Atkinson and Lois Weiss. Sources say the building is worth more than $700 million, according to the story.
The 647-foot-tall building was designed by Philip Johnson and partner John Burgee, and is known for its English bookcase-style open top. Telecommunications giant AT&T sold the tower to Sony for $236 million in 2002.
Sony has occupied the building since 1992, and had leased the tower for 10 years from AT&T. Since then, the electronics firm has installed a technology lab at the base of the tower, as well as a two-story store. The tower houses Sony Music, Sony/ATV and Sony Pictures, as well as the US headquarters offices.
However, times are tough at Sony, which posted a record $5.7 billion loss in the first quarter as the electronics market is hot with competition. CEO Kaz Hirai is making job cuts and restructures as he looks for cash. Sony met with Blackstone Group about selling the tower at 550 Madison Ave., Post sources say.
The company reportedly did a walk-through at the 479,008-square-foot former New York Times building in Times Square as a possible new location, according to the Post article, which can be read here.
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