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Byline: compiled by Gerald Magpily
AT&T sells Madison Ave. digs to Sony
Cash is king. Just ask dollar-hungry AT&T Corp., which has been paring down and looking to raise money as it restructures. AT&T has sold the Chippendale building at 550 Madison Ave. to Sony Corp. for $236 million. The deal was struck in December, when Sony exercised an option and delivered a check to AT&T. Sony's price puts the value of the building at $315 a square foot. In the mid-1980s, AT&T developed the 35-story building as its headquarters but leased it to Sony when it moved to Basking Ridge, N.J. The 717,000 square-foot building was designed by Philip Johnson and John Burgee. The building occupies the western side of the block between 55th and 56th streets. AT&T also is near a sale of its Basking Ridge facility to Pharmacia Corp., according to a report last week in the Newark Star Ledger. ? Gerald Magpily (The Daily Deal)