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Sony Corp Sells Its U.S. Headquarter Building for $1.1B

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http://techcrunch.com – Sony’s U.S. unit is selling its NYC headquarters to a group of investors led by Chetrit Group for $1.1 billion, the cash-strapped company announced today. Sony said it will use the proceeds to “undertake a range of initiatives to strengthen its financial foundation and business competitiveness and for future growth.” The electronics manufacturer has endured four straight years of losses, due in large part to falling demand for its television sets and a weak Japanese economy. After repaying debt related to the building and other transaction costs, Sony expects to retain net c (IT news)