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Sony to Sell US$1.1 Billion U.S. Headquarters Building

Sony announced on Friday that it has agreed to sell its U.S. headquarters in Manhattan to real estate development firm Chetrit Group for US$1.1 billion, as part of a strategy to consolidate after four years of financial losses. Sony expects an income gain of US$689 million from the sale, almost four times the amount paid when the building was first purchased in 2002.

Sony's chief executive Sony Music and Pictures groups, will remain in the Manhattan headquarters for up to three years after the transaction in March.

Source: The Hollywood Reporter