Sony sells Tokyo building for $1.2 billion

Sony City Osaki is home to television and audio divisions

Sony sells Tokyo building $1.2 billion

TOKYO — As part of its campaign to raise cash and finally bring its balance sheet back into the black, Sony has sold Sony City Osaki, its 25-storey office building in central Tokyo, for $1.2 billion.

Finished in March 2011, the building is home to the company’s television and audio divisions. Real estate giant Nippon Building Fund will own 60% of the property while an unnamed buyer will take the rest. Sony will continue to use the building, which is near its Tokyo corporate headquarters, for five years while paying rent to its new owners.

The sale is said to be the priciest in the already expensive Tokyo real estate market in the past four years. It will add ¥41 billion ($444 million) to Sony’s operating profit for the fourth quarter of the current fiscal year,

In January, Sony sold its New York headquarters for $1.1 billion.