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TMCNet:  Sony to sell office buildings in Tokyo, New York

[January 10, 2013]

Sony to sell office buildings in Tokyo, New York

(Japan Economic Newswire Via Acquire Media NewsEdge) TOKYO, Jan. 10 -- (Kyodo) _ Sony Corp. plans to sell its office buildings in Tokyo and New York to improve its financial standing, company sources said Thursday.

Potential buyers for the buildings in Tokyo's Shinagawa Ward and New York's Manhattan include an investment fund and a real estate company, the sources said.

The move is part of its restructuring efforts to improve business performance after incurring a group net loss for the fourth straight year in the business year ended last March.

The Tokyo building called "Sony City Osaki" houses about 5,000 Sony group employees who work in such areas as liquid crystal display televisions. The company plans to lease the office building even if it is sold, the sources said.

The building in New York serves as a local headquarters and contains its U.S. music subsidiary Sony Music Entertainment Inc. Sony acquired it from U.S. telecom company AT&T Inc. in 2002.

(c) 2013 Kyodo News International, Inc.

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