Berlin: Sony Center goes to Morgan Stanley Real Estate
The Sony Center at Berlin’s Potsdamer Platz will change owners. Sony Corporation announced Thursday that it will sell all stakes in Sony Berlin GmbH to a Morgan Stanley Real Estate fund, Corpus Sireo and a subsidiary of John Buck Company. The transfer of Sony Berlin—the current owner and manager of the famous quarter in the Berlin Mitte district—is to be completed by the end of March, 2008. Sony said the reason for the sale is a change in medium-term strategy to focusing on the company’s core business. Founded in 2002, the Sony Center attracts more than eight million visitors each year and is one of Berlin’s landmark buildings. The ensemble, designed by Helmut Jahn, comprises eight buildings with a total of 132,500 sqm for offices, retail stores, gastronomy, entertainment and apartments. No official announcements referring to the sale price were made; according to rumors, it will be significantly lower than the original construction costs of €750mn.