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Sony Sells Its NY Headquarters for $1.1B

The Sony building spans 37 stories in midtown Manhattan

Sony has sold its New York headquarters for $1.1 billion to a consortium led by The Chetrit Group, a New York-based real estate company. Sony will remain in its headquarters having entered a three-year leaseback agreement.

The Sony building is located in midtown Manhattan on Madison Avenue, a 37-story skyscraper designed by architect Philip Johnson and John Burgee.

AT&T first owned the building, which was built between 1981 and 1984. Sony then bought the building in 1992 for $236 million and turned it into a hub for Sony music and for its film division. The sale, which will close in march, should net the company $685 million once debt and other financial considerations are factored in.

The sale price is the highest anyone has paid for a single domestic office building since Google bought a building in Chelsea for $1.8 billion in 2010.

Sony has been looking or a new Manhattan home, but has not settled on a new location.