Nokia’s struggles force sale of iconic Espoo headquarters

Nokia Espoo Headquarters Sale

Following the sale of its New York offices outside of White Plains, New York, Nokia (NOK) on Tuesday announced the sale of its iconic global headquarters in Espoo, Finland for approximately $222 million. Dubbed the “Nokia House,” Nokia’s 517,000-square-foot Finnish property is well known for its unique architecture. Exilion, the new owner of Nokia’s offices, will continue to lease the property to Nokia for an undisclosed amount. “We had a comprehensive sales process with both Finnish and foreign investors and we are very pleased with this outcome,” said Nokia CFO Timo Ihamuotila. “As we have said before, owning real estate is not part of Nokia’s core business and when good opportunities arise we are willing to exit these types of non-core assets. We are naturally continuing to operate in our head office building on a long-term basis.”

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