Sony sells its US headquarters

Sony will sell its U.S. headquarters to raise US$685 million in cash, parting ways with an iconic New York building it has occupied for 20 years.

The Japanese electronics manufacturer, which has sworn to return to profitability after a record loss last year, said it will move out of the Sony Tower within the next three years. The sale is part of a global restructuring that also includes cutting thousands of jobs worldwide and shuttering factories at home.

The sale price for the property is $1.1 billion, and Sony will book its profits from the deal in its earnings for the current fiscal year.

Sony's U.S. headquarters, with its swanky Madison Avenue address in New York City and distinctive ornamental crown, is a famous part of the city skyline. The company also uses the building to boost its brand image, offering free admission to a four-story technology museum called the Sony Wonder Technology Lab.

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