Sony Corporation of America has signed a 15-year lease with The Sapir Organization and CIM Group for approximately 525,000 square feet of space at 11 Madison Avenue, in Manhattan’s Flatiron District.
Sony will occupy the top 10 floors of the building, as well as the rooftop, and will have a dedicated entrance at the corner of Madison Avenue and 25th Street with the address of 25 Madison Avenue.
The space will serve not only as the US headquarters of Tokyo-based Sony Corporation, but also as the global headquarters of both Sony Music Entertainment and Sony/ATV Music Publishing. New York-based employees of Sony Pictures Entertainment and Sony DADC will also move to 25 Madison Avenue. The Sony Store will occupy the ground-floor retail space on Madison Avenue adjacent to Sony’s dedicated building entrance.
Sony plans to move from its current US headquarters at 550 Madison to its new space in early 2016. STUDIOS architecture will develop the space. Sony sold 550 Madison Avenue in 2013 to a consortium led by The Chetrit Group for approximately USD1.1bn.
“We’re excited to be moving to this magnificent building in one of New York City’s most dynamic and desirable neighbourhoods,” says Nicole Seligman, president of Sony Corporation of America. “Our new home will put us right where we belong: among the city’s leading cutting-edge technology and entertainment companies.”
“Sony’s move to 11 Madison is a testament to my father’s vision that the building would become one of New York’s most distinguished and desired office headquarters,” says Alex Sapir, president of The Sapir Organization, which owns 11 Madison with CIM Group. “We are pleased to have Sony join our other long-standing anchor tenant, Credit Suisse, and to have two world-class corporations that have made long-term commitments to the building.”
Terms of the lease agreement have not been disclosed.