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Sony sells Tokyo office building for $1.2 billion as part of continued restructuring

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Sony stock_1020
Sony stock_1020

Sony has agreed to sell its Sony City Osaki office building, located in Tokyo, for a sum of 111.1 billion yen ($1.2 billion USD). A press release issued today explains that the sale comes as part of Sony's reorganization effort as the troubled electronics maker looks to "strengthen its corporate structure." Although it will no longer own the premises, Sony will continue to inhabit the building for at least five years according to a separate lease agreement. All told, Sony expects to walk away with a gain of 41 billion yen on the sale. Documents reveal that CEO Kaz Hirai gave the final OK on the transaction earlier today and the deal is already finalized. Sony City Osaki is the second large office building Sony has offloaded in recent months after selling its New York City headquarters for $1.1 billion.