It has been about one month since Sony sold off its office in New York City for $1.1 billion and now the somewhat financially struggling company has confirmed that it has also made a sale of its Sony City Osaki office in Tokyo for $1.2 billion to Nippon Building Fund Inc. and a Japanese institutional investor.
However, Sony will be remaining in the building for the next five years.
Sony is not the first big name in the industry to sell off a property and then continue to rent the space from the new owners. You’ll recall that in December 2012 Nokia sold its Espoo headquarters in Finland adding $220 million to its balance sheet. More recently the company sold its Oulu campus for $40.8 million earlier this month.
The deal is part of its ongoing reorganization, said an official statement which also explained that “Sony is transforming its business portfolio and reorganizing its assets in an effort to strengthen its corporate structure.”
Sony also reveals that after deducting expenses related to transaction costs, the company expects to gain approximately $440 million which will be recorded as operating income in its Q4 financials at the end of March.