Sony eyes $1 billion building sale in Japan

The building was erected only two years ago, and is located in one of Tokyo's main office areas.

January 11, 2013 9:40 AM PST

Sony is trying to sell a Tokyo building in an effort to raise some cash for its ailing operation.

The Sony City Osaki building in Tokyo is on sale for between $1 billion and $1.5 billion, the Wall Street Journal is reporting today, citing sources with knowledge of the plans. The move follows a corporate decree passed down by CEO Kazuo Hirai to offload any nonessential assets as Sony attempts to regain its financial footing.

Sony has watched its financials slip over the last several years. In the year ended March 31, 2012, Sony lost about $5 billion as revenue slid. Hirai is trying to revive Sony's operation by initiating a "One Sony" program aimed at realigning its focus on games, digital imaging, and mobile. Hirai has also laid off workers and shed assets.

The Sony City Osaki building has 25 stories and 5,000 company employees working there. According to the Journal's sources, those employees will remain in the building after the potential sale, since the owner would likely lease the space back to Sony.