Sony has announced plans to sell its New York HQ for $1.1 billion —but it will continue to rent and use the space.

The sales should net Sony $770 million (around £480m) in cash— which the company could desperately do with right now. Sony will inhabit the building for at least three years, renting it from new owners the Chetrit Group, which also own the Willis Tower in Chicago.

The 37-story New York building, which sits at 550 Madison Avenue, was previously owned by AT&T. It was sold to Sony in 2002 for $236 million (£148m). [Bloomberg]

Image by Steve.M under Creative Commons license