Sony sells Tokyo building for $1.2 billion

The company says that it will remain in the building for five years under a lease agreement entered into separately from the contract.

Sony has sold off one of its most prominent buildings in Tokyo.

The company announced today that the Sony City Osaki building in Tokyo was sold off for 111.1 billion yen ($1.2 billion) to the Nippon Building Fund and a Japan-based institutional investor. The company, which currently has 5,000 employees working in the 25-story building, will lease the facility from the new owner for a period of five years.

Sony was reportedly shopping the building last month. The move is part of a broader strategy on Sony's part to offload assets and increase cash flow. Sony has previously laid off employees and shed other assets that the company deems nonessential to its operation.

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