Sony Corp. mulling sale of 550 Madison Ave. HQ following record losses

Washington, June 13 (ANI): Sony Corp., which has been struggling to rebound from a record loss, is weighing options for its iconic Midtown skyscraper, including its potential sale.

Sources claim the Japanese electronics giant recently held talks with private-equity firm Blackstone Group and its real-estate agents, Newmark Grubb Knight Frank, about a potential real-estate transaction involving 550 Madison Avenue.

According to the New York Post, while those talks ended without a deal, Sony is said to be considering all options for the 37-story tower that houses its US headquarters, which include consolidating in less space and leasing the remainder, selling the building and then leasing back a portion, or selling it outright and moving to another location.

Although, Sony executives did a walk-through at a 479,008-square-feet space in the Blackstone-owned former New York Times building in Times Square, the refurbished space could include naming rights. There are also 25,000 square feet of roof decks and terraces on six floors.

The Sony Building, formerly the AT and T Building, is worth between 700 million dollars and 1 billion dollar, according to sources familiar with the structure.

"It's a big asset on their balance sheet," said one real-estate executive who declined to be identified.

A Sony spokesman declined to comment on the matter. (ANI)