Sony Set to Hire Brokers for Inevitable 550 Madison Avenue Sale
By Daniel Edward Rosen September 20, 2012 11:43 am
reprintsElectronics giant Sony has reportedly gone forward with its plans to hire brokers to sell 550 Madison Avenue, its iconic Midtown office tower, according to The New York Post.
In an email to Sony employees, Nicole Seligman, president of Sony Corp. of America, said that 550 Madison Avenue had “considerable value locked in it” due to its location and its architectural provenance (Philip Johnson designed the building).
“Combine that with the current real estate market conditions in New York and interest rates, and it’s wise to at least explore our options in the coming weeks and months,” Ms. Seligman said in an email that was obtained by The New York Post.
The building could bring in $700 million to $1 billion in a potential sale, the Post speculates. It was not immediately clear which brokerage firm Sony had hired–or will be hiring–to market and sell 550 Madison Avenue.
drosen@observer.com
