Sony sells Madison Avenue HQ

Sony has closed on its $1.1bn (£728m) sale of its US headquarters building, located at 550 Madison Avenue in New York. The iconic property, known as the Sony Tower, will remain the Japanese company’s US home, with it renting the building back from commercial property firm Chetrit Group, its new owners. Sony says that after debt payments and other costs associated with the transaction it will receive around $770m from the sale.

The 37-storey building was originally the home of US telecoms firm AT&T, which commissioned its construction before moving in 1984. Sony then bought the building in 2002 for $236m after taking up space in the late 1980s.