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Sony Signs Deal to Move U.S. Base to NYC’s Flatiron Area

Feb. 24 (Bloomberg) -- Sony Corp. signed a 15-year lease at 11 Madison Ave., an art deco tower in New York’s Flatiron district, which will become the headquarters of its U.S. unit.

Sony, the Tokyo-based electronics maker, will move its New York employees about 30 blocks south of its current U.S. base, at 550 Madison Ave., in early 2016, according to a statement today. The company is taking about 525,000 square feet (49,000 square meters) at 11 Madison and will be housed on the top 10 floors of the 30-story building. Financial terms of the lease weren’t released.

The move will give Sony a foothold in midtown south, an area of New York City roughly between 30th and Canal Streets that has proven popular with brand-name technology companies such as Google Inc., Facebook Inc. and Twitter Inc.

“We feel it’s an appropriate spot for us to take among the leading companies in technology and entertainment,” Sandra Genelius, a Sony spokeswoman, said in an interview. “It’s an iconic building in one of the most desirable neighborhoods in the city.”

She declined to say how many employees Sony has in New York. The company last year sold its 37-story U.S. headquarters building at 550 Madison to investors led by the Chetrit Group for $1.1 billion.

Alex Sapir, president of the Sapir Organization, which co-owns 11 Madison with CIM Group, wasn’t immediately available to comment on the lease.

Credit Suisse Group AG, the Zurich-based financial-services firm, has had its American headquarters at 11 Madison Avenue since 1997 and in January announced plans to sign a 20-year lease to stay at the building. The 1931 tower features the Michelin-rated restaurant Eleven Madison Park and was used as a setting for the Woody Allen movie “Radio Days.”

To contact the reporter on this story: Craig Giammona in New York at cgiammona@bloomberg.net

To contact the editor responsible for this story: Kara Wetzel at kwetzel@bloomberg.net

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