The Real Deal New York

Posts Tagged ‘sony’

  • Sony moving to Sapir’s 11 Madison Ave.

    September 17, 2013 09:30AM
    From left: 11 Madison Avenue, Sony CEO Kaz Hirai and 550 Madison Avenue

    From left: 11 Madison Avenue, Sony CEO Kaz Hirai and 550 Madison Avenue

    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. [more]

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  • Sony mulls move to 666 Fifth Avenue

    June 05, 2013 11:00AM
    sony-ceo-666-fifth

    Sony CEO Kazuo Hirai and 666 Fifth Avenue

    Sony is shopping around for a new office, with an eye on 666 Fifth Avenue, between 52nd and 53rd streets, the New York Post reported.

    The Chetrit Group acquired the Sony Building with a three-year leaseback for $1.1 billion earlier this year, as previously reported. CBRE’s Mary Ann Tighe and Gregory Tosko signed on in March to assist the electronics titan in finding a 550,000-square-foot space. [more]

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  • Joseph Chetrit and the Sony building

    Joseph Chetrit is taking the next step to close the $1.1 billion purchase of the Sony tower at 550 Madison Avenue. The property owner is now in talks with SL Green, the city’s largest commercial landlord, to finance around $800 to $900 million of the acquisition, Crain’s reported. SL Green would then sell the senior portion of the debt to a bank partner. As for the remaining $300 million, SL Green would keep it as mezzanine financing on its own balance sheet, Crain’s said. This story comes on the heels of one taking a look inside the deal. [more]

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  • Chetrit Group to buy Sony HQ for $1.1B

    January 18, 2013 08:00AM

    Sony CEO Kaz Hirai and 550 Madison Avenue

    Sony will sell its New York City headquarters at 550 Madison Avenue to the Chetrit Group for $1.1 billion, Bloomberg News reported. The electronics giant will remain in the building that bears its name for about three more years, and will generate around $770 million in cash with the sale, when debt and transaction costs are accounted for. The Chetrit Group owns a number of trophy properties in New York City and beyond, including the historic Hotel Chelsea. Eastdil Secured advised Sony in the deal…. [more]

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  • Eastdil’s Doug Harmon and 550 Madison Avenue

    Eastdil Secured beat CBRE, Cushman & Wakefield, Jones Lang LaSalle and Newmark Grubb Knight Frank to market Sony’s 36-story building at 550 Madison Avenue, the New York Post reported. Sony had considered selling the 800,000-square-foot property since the beginning of the summer, after the company posted a nearly $6 billion loss during the last fiscal year.

    As previously reported, the Sony U.S. headquarters could be worth between $700 million and $1 billion. Eastdil is also currently behind the marketing of Worldwide Plaza, which the Post said could fetch over $1 billion. [more]

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  • Sony CEO Kaz Hirai and 550 Madison Avenue

    On the heels of a record $5.7 billion loss during the last fiscal year, Sony is weighing selling the 37-story Midtown skyscraper that serves as its U.S. headquarters, the New York Post reported. Sony has been engaged in talks with the private equity firm Blackstone Group over the various options for, including the possible sale of, their solely owned U.S. headquarters at 550 Madison Avenue, which is said to be worth between $700 million and $1 billion. Sony has also considered the possibility of renting out a major section of the property, or selling and leasing back a portion. “It’s a big asset on their balance sheet,” a real estate executive who declined to be identified, said. [more]

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