Electronics giant Sony, fresh off the sale of its $1.1 billion headquarters at 550 Madison Avenue to the Chetrit Group, is moving to the Sapir Organization’s 11 Madison Avenue.
Sony will take 500,000 square feet at the very top of the 2.3 million-square-foot, 30-story tower between East 24th Street and 25th Street that overlooks Madison Square Park, sources told the New York Post. While no lease has been inked, Sony does have a term sheet, the sources added.
The Sapir Organization’s Alex Sapir and Rotem Rosen along with CIM Group – which has a 49 percent stake in the building — cut a deal with current tenant Credit Suisse in order to lure Sony in. The bank will consolidate into 1.5 million square feet at the base of the tower, making room for Sony at the top.
Sony has been on a short-term lease at 550 Madison Avenue while it searched for a new home with the help of CBRE Group CEO Mary Ann Tighe. It had previously checked out 666 Fifth Avenue as well as 1221 Avenue of the Americas. [NYP] – Hiten Samtani