Nokia sells its Finnish headquarters but will stay on as a tenant

Daniel Bader

December 4, 2012 12:55 pm


Nokia has announced the sale of its Espoo headquarters for the equivalent of $222 million USD. The company announced plans to sell its Finnish home after hitting some red in its latest quarterly earnings. Despite the move its employees will stay put, as Nokia plans to lease the space from the new owners.

The 48,000 square foot complex has been purchased by fellow Finnish company, Exilion, and will continue to serve as Nokia’s headquarters for the foreseeable future.

Via: Engadget

  • jack

    sell it so they can rent it

    • kris

      Its 48,000 square meters not feet. The building is over 500,000 square feet

  • kenypowa

    You know things have gone bad when you have to sell your own house and pay rent to someone else.

  • Dave

    Sure, things are looking pretty desperate, but on the upsside, Microsoft is looking forward to having its own mobile hardware division.

    • Dan

      And then Operation Elop will be complete! Muhahahahah.

    • swizzlerz

      where is the proof?

  • nelly.esq

    Old news….what’s up with mobilesyrup…this news was out last night. Ah well poor Nokia. Hope they come back. They were once my favorite for cellphones.

  • Munir

    That’s what happen when you don’t catch the train of innovation.

    Google is winning the innovation race (they bled some money (n4 and n7) and it’s proving to be effective).
    RIM missed the front spots but working hard to catch up ( (they are bleeding money in the process).
    Microsoft (also nokia) missed the front spots and trying someway to catch up (they need to bleed some money as well)
    Apple is lagging and lagging. They are still on one of the front sopt because of exceptionally good marketing (their customers are bleeding money)

    It’s actually Nokia/Microsoft who is not catching up yet. They need to understand that they can’t charge premium price for an unproven OS/eco system. If you don’t seed now, you will be vanighed from the game. Don’t be so greedy! Don’t try to make profit from the very beginning! It doesn’t work that why…

    • Keith

      But the are catching up. The Lumia 920 is best device on the market bar none and its creating a world wide buzz like no Windows Phone had done yet.

      Selling their office building is not a bad sign because they have billions to operate with yet so this was not forced–but it is another step in a big plan to become lean, mean fighting machine. Nokia is back.

    • Munir

      @Keith: how on earth Lumia 920 is the best device on the market bar none???!!!!!! Let’s compare it with Nexus 4 or SGS3. Both n4 and g3 has better ram, processor, display size, weight than lumia920!!! Playstore has almost all useful apps while WM market is no where near to be matured! But see the price. N4 310/350$, SGS3 ~ 600$ and Lumia920 also 600$.

      Why whould someone be tempted to try lumia920 other than n4/SGS3? Show me some solid reasons!

      Nokia? They have milessssss to go… I literally mean miles before they should think of charging 600$ for a phone. They should mind this, or they will suffer very badly.

    • Keith

      @Munir,

      Android has those higher specs because it is an efficient, buggy mess that needs them. The Lumia 920 will run circles around the Nexus 4. WP is missing a few apps but not many and it has some that others don’t so the app gap has closed dramatically. WP users consistently rate their gaming experience higher than Android users.

      But add PureView with amazing image stabilization; incredible low light photography and video capability, the best sound and video recording; Nokia Drive, City Lens and many other exclusive apps, super sensitive display, legendary build quality, style that totally blows the uninspiring Nexus 4 away (and any other Android device as well). I wouldn’t take a Nexus 4 for free if it meant not be able to get the Lumia 920.

    • Munir

      @keith: There’s no point of arguing with you! well, sales number will prove who is wrong or right… :) Let’s see what your ‘by par’ device does on the market. If doesn’t do well, it’s because Nokia was greedy from the beginnign. Build a user base then make profit!

    • Keith

      @Munir,

      “@keith: There’s no point of arguing with you! well, sales number will prove who is wrong or right”

      So I guess you believe that Nicki Manaj and Justin Beiber are the best talent in music right now. Not that I have anything them–all the power to them.

      It’s about mindshare not sales–even though WP8, especially on the Lumias, is the best mobile experience, it is going to take a while for WP to gain comparable mindshare–but it is inexorably chipping away and I believe Gartner is right about WP overtaking iOS within a couple of years.

    • swizzlerz

      Android devices are the most malware infected devices on the market. If telus had the 920 today I would have it. I’m a day one presale surface supporter, and I love my windows phone.

      Just because everyone mindlessly jumps of a bridge would you? My first smart phone was a windows mobile 6.0 then a 6.1. I watched both apple and android come out but my phone worked great why would I change it? As my wp7 works great now. My needs are more the covered.

      I use a phone to call and receive calls. Texting is a useful form of communication at times, voice to txt is nice while I am driving. Access to Xbox music pass 13 million songs at any second is a plus. SkyDrive built in office access and share one notes with my sister at anytime. Calculator I do math lol. Integrated Facebook and twitter. I rarely need an app?? Do you??

      Why Windows phone??? It Just WORKS….

  • haxor99

    Nokia Nexus would have been the bomb… If only they went Android instead of MS, who knows what would have been!

  • deltatux

    Corporations normally rent their spaces rather than owning them. Hell, CGI, one of Canada’s largest technology consulting firms don’t own their buildings but rather chooses to rent instead. For some businesses, it’s more cost effective to rent the building than to own it.

    I’m sure the AMD building across the street isn’t owned by AMD either but rented, same with the Qualcomm offices.

  • Gary

    This is why Stephen E-Flop should have been terminated long ago. Every other phone manufacturer managed to provide phones for more than one ecosystem, except Nokia. They went from being the first place phone manufacturer globally to the brink of financial oblivion. That’s not leadership, that’s stupidity!

  • pacalis

    All the eggs in one basket and now the basket is a rental.

  • Crunk

    Seconding delta – this was probably a decision by an accountant who crunched the numbers and decided that it would cost the company less money to rent. This has nothing to do with Nokia’s success or lack thereof.

    • pacalis

      Hardly, it has everything to do with Nokia needing cash flow to support inventories and operations. That’s why you don’t see MS, GOOG, Samsung etc… leasing their HQ.

  • pacalis

    And Delta’s examples are a bit misleading. In many countries it can be very costly, and have complex tax implications, for foreign subsidiaries to own land. So it’s a wholly different situation between an established company with a large campus which owns their HQ and companies that are growing, intend to move, or are leasing subsidiary sites.

  • Kelly

    Nokia is “Finnished”. They should’ve stayed with Meego and not MS. Meego had a lot of potential, but Nokia didn’t want to do the work.

  • Christmas Daniels

    @munir I work for Microsoft and I am currently working on a seeding program. So don’t worry we are capitalizing as much as possible. My job depends on it lol

  • mike

    Lol lmao Nokia. Going with windows phone was your mistake. Now your paying for it.

  • swizzlerz

    I read that they said there in the business of making phone not owning property. Good point and a great write-off.

    Do all the stores in the malls you shop a own that space???

  • Chief

    Anyone that says Nokia is going to pull through this is a fool and is just kidding themselves.

  • Art Vandelay

    No doubt that Lumia 920 is packed with impressive specs, but it weighs 185g!!! It’s like a brick. It’s even heavier than Galaxy Note II.