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Sony Electronics to sell 550 Madison headquarters to raise cash

Published Oct 2nd, 2012 12:54PM EDT

Sony 550 Madison

BGR has learned that Sony Electronics (SNE) is making plans to sell the company’s famed 550 Madison location in New York in order to raise money, according to a close source of ours. An internal email was sent to Sony executives detailing the plans recently, and Sony is currently considering a few different scenarios. We are told the selling price of the building will be in the $1.5 billion to $2 billion range. Sony Electronics is now making plans to sell the building and potentially lease back space for it’s various business units like Sony Electronics, Sony Music, and others, or completely move to another location entirely. Sony is coming off of four straight annual losses, and is “very mindful” of its cash position.

Jonathan S. Geller
Jonathan Geller Founder, President & Editor-in-chief

Jonathan S. Geller founded Boy Genius Report, now known as BGR, in 2006. It became the biggest mobile news destination in the world by the end of 2009, and BGR was acquired by leading digital media company PMC in April 2010.

Jonathan is President of BGR Media, LLC., and Editor-in-chief of the BGR website.

What started as a side project at the age of 16, quickly transpired into 24-hour days and nights of sharing exclusive and breaking news about the mobile communications industry. BGR now reaches up to 100 million readers a month through the website, syndication partners, and additional channels.