IFF, the world's leading creator and manufacturer of flavors and fragrances used in a wide variety of consumer products, will remain in the building as a long-term tenant along with the building's other tenants including CBS Broadcasting Inc., Chadbourne & Parke and Impath Inc.

"We are pleased that we were able to devise a structure which helped improve the value of the property for IFF," says Dennis Townsend, founder and chairman of Townsend Capital. "Our company's market strength is its ability to enhance value through its expertise in corporate leasing, real estate finance, tax and accounting structures."

"Townsend's creative approach and the transaction they brought to the table helped maximize the value of the property for our shareholders," says Douglas Wetmore, IFF's senior vice president and CFO. "The sale of the building in no way impacts IFF's longstanding and ongoing commitment to New York.