Tuesday November 13, 06:30 PM
Altria to sell New York headquarters for 525 million dollars
NEW YORK (AFP) - US tobacco giant Altria said Tuesday said it signed an agreement to sell its headquarters building in New York City for about 525 million dollars.
Altria, which owns the Philip Morris tobacco brands and earlier this year spun off Kraft Foods (NYSE: KFT - news) , said it will record a pretax gain of about 440 million dollars upon closing the transaction, which it plans to do by April 1.
Altria said the buyer is a subsidiary of Global Holdings, Inc., a private real estate investment company, which is part of Eyal Ofer family interests.
As previously announced, the cigarette manufacturer said it will cut about 400 positions when its headquarters relocates to Richmond, Virginia, in early 2008.
The building includes about 60,000 square meters (643,000 square feet) on Park Avenue in New York and has been the company's headquarters since 1982.
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