Nokia HQ

Nokia HQ, Espoo, Finland

File this under rumor but it's coming from a notable source, Finland’s own Helsingin Sanomat newspaper. The report states that Nokia is in the process of selling off their main headquarters in Espoo, Finland. The move would be quite shocking to the country as physically the building has come to represent the company in many ways--much like the Chrysler building in New York City years ago.

Nokia did previously mention that selling of property may be a part of company restructuring and cost savings, but selling off of the main building appeared as a last resort. As a business re-organizes the retention of costly properties needs to be put on the table for reconsideration and in fact, leasing of the property could be an option. That means the company won't necessarily move, they'll just be renters instead of owners. The move could invigorate investors but would also demonstrate the severity of on-hand cash for the smartphone maker.

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According to ex-Nokian Juha-Pekka Helminen, the building is worth 200-300m€ ($258M to 387M) and could bring in a large inflow of money to the struggling company. The question for many is where would Nokia move to, if anywhere? The paper does not say although previous CEOs of Nokia have noted that moving the company abroad was not an option.

Update: Nokia has confirmed with the Verge that they are considering selling the building but not relocating, lending credence to the "renting but not owning"  idea above.

Source:; via @jphelminen