Search
 

Phillip Morris Exodus to VA Begins

NEW YORK CITY-Corporate headquarters space for tobacco giant Phillip Morris is in the process of being relocated from 120 Park Ave. here to Richmond, VA. It is expected to be completed by June 2004.

By Barbara Jarvie and Barbra Murray | Updated on November 29, 2003

NEW YORK CITY-Tobacco manufacturer Phillip Morris USA has begun its move from its corporate headquarters here to Richmond, VA. In March, the domestic tobacco subsidiary of Altria Group Inc., announced its relocation–a move will impact all 682 New York employees, which represents approximately 5% of its workforce. Reasons cited by the company include streamlining business operations, increasing efficiencies and achieving cost savings.

It is not yet known how much, if any, space could become available due to the move. CB Richard Ellis exclusively handles Phillip Morris space at other sites in New York, and knows of no space availability at 120 Park. A spokesperson for Phillip Morris referred all questions to the company’s original statement on its relocation decision.

Philip Morris execs estimate the relocation will result in annual savings in excess of $60 million and that the total cost of the relocation will be approximately $120 million, including compensation to those employees who do not relocate.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.