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Altria Sheds 120 Park Ave. HQ for $525M

NEW YORK CITY-The company will eliminate approximately 80% of its employees when it moves its headquarters to Richmond, VA in early 2008.

By Natalie Dolce | Updated on November 13, 2007

NEW YORK CITY-Altria Group Inc. has signed an agreement to sell its headquarters building at 120 Park Ave. here for approximately $525 million. The purchaser is a subsidiary of Global Holdings Inc., a private, US-based real estate investment company, which is part of Eyal Ofer family interests.

The 643,000-sf building has served as Altria’s corporate headquarters since it opened in 1982. Under terms of the agreement, Altria plans to close the sale no later than April 1, 2008. Altria said in a prepared statement that it will record a pre-tax gain of approximately $440 million upon closing the transaction. CB Richard Ellis Group Inc. handled the sale for Altria.

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