In a bid to bolster its bottom line, Sony's been selling properties like a desperate monopoly player, and the latest space on the board to go is the Sony City Osaki building for 111.1 billion yen ($1.2 billion). That follows the sale of its NY headquarters for a similar sum, and the move of its mobile HQ from Sweden to Tokyo. The Osaki building has been purchased by a Japanese holding company who will lease the building back to Sony for a period of at least five years, which seems to be the trend for electronics companies lately. The Japanese conglomerate said all the property deals are being made to "transform its business portfolio and reorganize its assets." Translation? Sony needs the cash, natch.
Sony unloads 'Sony City Osaki' building for $1.2 billion, will remain as lessee
All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.