Electronics giant, Sony Corp., announced that it has sold its Tokyo office building to Nippon Building Fund and to an unnamed Japanese institutional investor for 111 billion yen.
This decision came after the company announced that it was also planning to sell its office in Manhattan for more than $1 billion.
The Tokyo headquarters was completed in 2011 and the site where it was built was once known as the company?s ?holy land,? where also the Trinitron TV was launched.
The 25-story building houses 5,000 workers on Sony?s TV and audio division. Although the building was? officially sold to investors, Sony has made it clear that the division would remain in the central Tokyo building for 5 years?under a leasing agreement.
According to Sony representatives, the company is revamping its business portfolio and the sale of the building is part of this reorganization.? The corporate overhaul involves thousands of job cuts, the sale of its chemical division and an investment in Olympus to help maintain its place in the global market.
The company?s stock plummeted below 1,000 yen a share in the previous year for the first time since the Walkman was released. The stock has since come back, going up 3.56% at 1,338 yen on Thursday in Tokyo. Because of the strong yen, the slow demand on key export markets and the fierce competition from other firms outside Japan, Sony decided to take appropriate action, starting with corporate reorganization and reanalyzing their business strategies.
Source: JapanTodayPhoto by?mk7?via Creative Commons?Tokyo Apartments For Sale | Tokyo Apartments For Rent | Real Estate Japan
Source: http://www.realestate.co.jp/2013/03/01/sony-hq-in-tokyo-sold-for-y111-billion/
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