The Sony Centre in Berlin is back on the market.
The 26,000 m2 building, in a prime location, failed to sell last year because the price expectation of the Japanese electronics firm was too high.
Sony, which reduced the price of the asset during last year’s sales process, wanted around €800m for the asset.
A person familiar with the sales process said that the Sony Centre was worth no more than €550m because the building was over-rented.
“There are tenants who pay €36 per m2 and leases run out in three to four years,” he said. Annual prime office rents in Berlin are €252 per m2 a year, according to Q4 figures from Jones Lang LaSalle.
