Sony sells office building for $1.2 billion

Sony has sold another major office building. The PlayStation maker today announced it had sold its City Osaki office in Tokyo for ¥111.1 billion ($1.2 billion) to Nippon Building Fund Inc. and a Japanese institutional investor.

After deducting transaction cost expenses, Sony received ¥110 billion ($1.19 billion). As part of the deal, Sony and other Sony Group businesses will remain in the building for five years.

As a result of the sale, Sony said it expects to gain ¥41 billion ($445 million) in operating income to be recorded for the company's fourth quarter ending March 31. Sony conducted this sale as part of a wider initiative aimed at strengthening its corporate structure and returning to a profit.

Sony last month sold its New York City headquarters for $1.1 billion. Employees will remain in that 37-story Madison Ave. building for a period of up to three years.