Sony Corporation has today revealed via a press release the sale of their Sony City Osaki office building, netting the company 111.1 billion yen ($1.2 billion). The building was sold to Nippon Building Fund Inc. and an unknown Japanese institutional investor, but Sony will remain in the building for five year under a new lease agreement.

Sony received net cash proceeds today of 110 billion yen. As a result of the sale, Sony expects to realise a gain on the sale of approximately 41 billion yen, to be recorded as operating income, in the fourth quarter of the fiscal year ending March 31, 2013.

This news comes as Sony previously announced the sale of their US headquarters for another $1.1 billion earlier this year. The company has claimed that the reason for both sales has been due to slimming costs and "reevaluating the aggregate impact of this sale and other factors on the forecast."