Sony moving to Sapir’s 11 Madison Ave.

TRD New York /
Sep.September 17, 2013 09:30 AM

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 AvenueAs Well As 1221 Avenue of the Americas. [NYP]Hiten Samtani

Related Articles

From left: Rotem Rosen, Zina Sapir, Tamir Sapir, Bella Sapir, Elena Sapir, and Alex Sapir (Credit: Getty Images)

Alex Sapir accused of mismanaging family fortune amid feud with Rotem Rosen

Revamped design for 550 Madison receives Landmarks’ approval

Revamped design for 550 Madison receives Landmarks’ approval

The Sapir Organization's Alex Sapir (Credit: Getty Images and iStock)

Sapir claims employee stole trade secrets

685 Fifth Avenue and Michael Shvo (Credit: Shvo)

Shvo, partners land $120M construction loan for 685 Fifth Avenue

Canarsie Plaza and Blackstone’s Kathleen McCarthy (Credit: Google Maps and Blackstone)

Blackstone picks up Canarsie shopping plaza for $130M

Alex Sapir and the NoMo Soho hotel at 9 Crosby Street (Credit: NoMo SoHo)

Sapir Corp.’s stock drops in Tel Aviv

550 Madison Avenue (Credit: Google Maps)

Sony Building in talks with anchor tenant

550 Madison (Credit: Gensler)

Renderings revealed for 550 Madison’s renovated lobby