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.
Sony originally purchased their Madison Avenue headquarters in 1992 from AT&T. Currently the building houses their music and movies divisions and their corporate offices. In April, Sony CEO Kaz Hirai announced that the company would cut 6 percent of their global workforce — some 10,000 job. [NYP]