Sony agrees to sell US headquarters for $1.1 billion

http://www.theverge.com/2013/1/17/3889182/sony-selling-new-york-hq-building

Sony will sell its US headquarters building to investors for $1.1 billion, according to Bloomberg. The sale is expected to generate net cash of around $770 million for Sony, which is working to cut losses across the board. The company will continue occupying the 37-story building at 550 Madison Avenue for up to three years, leasing from new owners the Chetrit Group, which also co-owns Willis Tower in Chicago. The building was previously owned by AT&T, which sold it to Sony in 2002 for $236 million.

Sony hopes to complete the sale in March perhaps not coincidentally the end of its fiscal year, by which it has predicted a return to profit. The company is said to be currently re-evaluating its predictions based on the sale, however, so we may well see more positive results for the year than previously expected.

Hmmm. Things not looking good.

The companys on there way turning to profit and there not doing so good? The fact is Sony got to big and now they are shrinking down so they can be more competitive. You dont see Apple or Microsoft with any 1.1 billion dollar buidings.

Do you have an app that sends you a message everytime Sony's name pops up in the news?

The companys on there way turning to profit and there not doing so good? The fact is Sony got to big and now they are shrinking down so they can be more competitive. You dont see Apple or Microsoft with any 1.1 billion dollar buidings.

AM-Gamer

[QUOTE="AM-Gamer"]

The companys on there way turning to profit and there not doing so good? The fact is Sony got to big and now they are shrinking down so they can be more competitive. You dont see Apple or Microsoft with any 1.1 billion dollar buidings.

jimmypsn

Fact of the matter is you said they only paid 236m for the property and theyre selling it for 1.1b I don't see the issue here.

Do you have an app that sends you a message everytime Sony's name pops up in the news?

PhazonBlazer

[QUOTE="AM-Gamer"]

The companys on there way turning to profit and there not doing so good? The fact is Sony got to big and now they are shrinking down so they can be more competitive. You dont see Apple or Microsoft with any 1.1 billion dollar buidings.

jimmypsn

Except Sony has like 5 houses. They have 2 headquaters in Japan , one in California and one in NewYork and manymore. They spent to much money to begin with and need to shrink down.

So they made over half a billion in profit on that building.

Well played Sony, well played.

So they made over half a billion in profit on that building.

Well played Sony, well played.

dercoo

That's what I'm saying! I think it's a wise move. That's a lot of cash...

it's a sad day for sony when they're burning furnitures to stay warm.

well, here's hoping they still got enough to support the ps4.

I wish I was Sony, because I'll just sell my house when I'm in the red, but still make money wtfbbq.

So, whether they post a loss or a profit for the year hindges on the pending sale of the building? They did the same a little while ago when they sold off assets to cut down on their loses.

Sony will now opperate out of Kaz's basement.

poor lems got not games and no decent material to bash Sony either. The filthy lems are now like a scratched disc that keeps repeating the same thing over and over again. :lol:

Hey guys the 3 major companies selling video game consoles currently are massive companies worth billions of dollars. The sale of buildings, factories, compounds, etc. to them is marginal. Some person sitting around on his pc is not going to predict the doom for some company worth trillions/billions of yen/dollars.

This thread could be copied and pasted with a few words changed. You could paste it to a BMW forum saying bmw is selling some factory so mercedes can own them in the face or vice versa. Its a classic my dad can kick your dads ass post.

poor lems got not games and no decent material to bash Sony either. The filthy lems are now like a scratched disc that keeps repeating the same thing over and over again. :lol:

Gue1

yes, let's get mad at the lemmings. i bet that'll get sony in a better shape! :P

Just Sell your Tv Market, Don't know why they continue to keep it, it's bleeding money.

Hey guys the 3 major companies selling video game consoles currently are massive companies worth billions of dollars. The sale of buildings, factories, compounds, etc. to them is marginal. Some person sitting around on his pc is not going to predict the doom for some company worth trillions/billions of yen/dollars.

This thread could be copied and pasted with a few words changed. You could paste it to a BMW forum saying bmw is selling some factory so mercedes can own them in the face or vice versa. Its a classic my dad can kick your dads ass post.

Exxite

[QUOTE="Exxite"]

Hey guys the 3 major companies selling video game consoles currently are massive companies worth billions of dollars. The sale of buildings, factories, compounds, etc. to them is marginal. Some person sitting around on his pc is not going to predict the doom for some company worth trillions/billions of yen/dollars.

This thread could be copied and pasted with a few words changed. You could paste it to a BMW forum saying bmw is selling some factory so mercedes can own them in the face or vice versa. Its a classic my dad can kick your dads ass post.

fernandmondego_

That is just conjecture. You don't like sony for whatever reason. That's fine. However they are only # 87 on the worldwide global 500. They could be better but lol they are aren't goingt bankrupt or something. Oh look the car manufacturer Peugeot is # 85 are they just gonna keel over too? The bank of china is # 93 are they going broke too?

[QUOTE="fernandmondego_"][QUOTE="Exxite"]

Hey guys the 3 major companies selling video game consoles currently are massive companies worth billions of dollars. The sale of buildings, factories, compounds, etc. to them is marginal. Some person sitting around on his pc is not going to predict the doom for some company worth trillions/billions of yen/dollars.

This thread could be copied and pasted with a few words changed. You could paste it to a BMW forum saying bmw is selling some factory so mercedes can own them in the face or vice versa. Its a classic my dad can kick your dads ass post.

Exxite

That is just conjecture. You don't like sony for whatever reason. That's fine. However they are only # 87 on the worldwide global 500. They could be better but lol they are aren't goingt bankrupt or something. Oh look the car manufacturer Peugeot is # 85 are they just gonna keel over too? The bank of china is # 93 are they going broke too?

Oh look Microsoft is actually at #119 http://money.cnn.com/magazines/fortune/global500/2012/full_list/101_200.html . This could mean they are making more profit but bringing in less revenue or any number of things. Perhaps some of you should do some research before making hate thoughts.

sony is doomed.

Who needs buildings when you have teh cell. :cool:

[QUOTE="Exxite"]

[QUOTE="fernandmondego_"] That was once true about THQ as well.Exxite

That is just conjecture. You don't like sony for whatever reason. That's fine. However they are only # 87 on the worldwide global 500. They could be better but lol they are aren't goingt bankrupt or something. Oh look the car manufacturer Peugeot is # 85 are they just gonna keel over too? The bank of china is # 93 are they going broke too?

Oh look Microsoft is actually at #119 http://money.cnn.com/magazines/fortune/global500/2012/full_list/101_200.html . This could mean they are making more profit but bringing in less revenue or any number of things. Perhaps some of you should do some research before making hate thoughts.

[QUOTE="fernandmondego_"][QUOTE="Exxite"]

Hey guys the 3 major companies selling video game consoles currently are massive companies worth billions of dollars. The sale of buildings, factories, compounds, etc. to them is marginal. Some person sitting around on his pc is not going to predict the doom for some company worth trillions/billions of yen/dollars.

This thread could be copied and pasted with a few words changed. You could paste it to a BMW forum saying bmw is selling some factory so mercedes can own them in the face or vice versa. Its a classic my dad can kick your dads ass post.

Exxite

That is just conjecture. You don't like sony for whatever reason. That's fine. However they are only # 87 on the worldwide global 500. They could be better but lol they are aren't goingt bankrupt or something. Oh look the car manufacturer Peugeot is # 85 are they just gonna keel over too? The bank of china is # 93 are they going broke too?

[QUOTE="jimmypsn"][QUOTE="AM-Gamer"]

The companys on there way turning to profit and there not doing so good? The fact is Sony got to big and now they are shrinking down so they can be more competitive. You dont see Apple or Microsoft with any 1.1 billion dollar buidings.

AM-Gamer

Except Sony has like 5 houses. They have 2 headquaters in Japan , one in California and one in NewYork and manymore. They spent to much money to begin with and need to shrink down.

[QUOTE="Exxite"]

[QUOTE="fernandmondego_"] That was once true about THQ as well.Exxite

That is just conjecture. You don't like sony for whatever reason. That's fine. However they are only # 87 on the worldwide global 500. They could be better but lol they are aren't goingt bankrupt or something. Oh look the car manufacturer Peugeot is # 85 are they just gonna keel over too? The bank of china is # 93 are they going broke too?

Oh look Microsoft is actually at #119 http://money.cnn.com/magazines/fortune/global500/2012/full_list/101_200.html . This could mean they are making more profit but bringing in less revenue or any number of things. Perhaps some of you should do some research before making hate thoughts.

So they made over half a billion in profit on that building.

Well played Sony, well played.

dercoo

The companys on there way turning to profit and there not doing so good? The fact is Sony got to big and now they are shrinking down so they can be more competitive. You dont see Apple or Microsoft with any 1.1 billion dollar buidings.

AM-Gamer

Sony will now opperate out of Kaz's parents basement.

ninjapirate2000

Fixed that for you !

sounds like they're cutting a lot of fat off of their Company.

Sadly this means less Jobs.

I don't know what this will mean for us in the States.

[QUOTE="Exxite"]

[QUOTE="fernandmondego_"] That was once true about THQ as well.Exxite

That is just conjecture. You don't like sony for whatever reason. That's fine. However they are only # 87 on the worldwide global 500. They could be better but lol they are aren't goingt bankrupt or something. Oh look the car manufacturer Peugeot is # 85 are they just gonna keel over too? The bank of china is # 93 are they going broke too?

Oh look Microsoft is actually at #119 http://money.cnn.com/magazines/fortune/global500/2012/full_list/101_200.html . This could mean they are making more profit but bringing in less revenue or any number of things. Perhaps some of you should do some research before making hate thoughts.

Oh look Microsoft is actually at #119 http://money.cnn.com/magazines/fortune/global500/2012/full_list/101_200.html . This could mean they are making more profit but bringing in less revenue or any number of things. Perhaps some of you should do some research before making hate thoughts.

Exxite

Nice research , now start understanding your own posted link :?

Sony: it only does real estate :P

Sold the building for 1 billion, lost 6.5 billion in one year. Still got 5.5 billion to make back for that one year, let alone the last 7 years LOL

lol but but sony spent this much..etc..etc moron charlie sheens never cease to amaze me. If sony sold it with more money made then thats a profit but we dont know how much theyve spent on upkeep, upgrades...etc Its a pretty bad sign when they are finding it cheaper to sell then lease the same building than to just keep it.WilliamRLBaker

Another off-topic thread. First Stock Wars, now Building Wars. Lems are probably going to make threads about the private lives of Sony employees/executives next.

"Kaz Hirai shops at Safeway instead of Trader Joes. Sony doomed confirmed"

:roll:

http://www.theverge.com/2013/1/17/3889182/sony-selling-new-york-hq-building

Sony will sell its US headquarters building to investors for $1.1 billion, according to Bloomberg. The sale is expected to generate net cash of around $770 million for Sony, which is working to cut losses across the board. The company will continue occupying the 37-story building at 550 Madison Avenue for up to three years, leasing from new owners the Chetrit Group, which also co-owns Willis Tower in Chicago. The building was previously owned by AT&T, which sold it to Sony in 2002 for $236 million.

Sony hopes to complete the sale in March perhaps not coincidentally the end of its fiscal year, by which it has predicted a return to profit. The company is said to be currently re-evaluating its predictions based on the sale, however, so we may well see more positive results for the year than previously expected.

Hmmm. Things not looking good.

jimmypsn

So, did the new owner agree to keep'em around or do all the cows there get evicted and thrown out on the street? :twisted:

Eh, Sony's got to do what they got to do to survive and I guess this is only the beggining with much more to come but in reality, that's a good thing, ya gotta get honest with yourself as a company or it really is ba, bye. :P

Bought building for $236 million Sold for $1.1 billion Generates $770 million. Sony sure are doomed.clyde46