Altria Group, Inc. Signs Agreement to Sell Building at 120 Park Avenue in New York City for $525 Million
November 13 2007 - 10:28AM
UK Regulatory
Altria Group Inc
Altria Group, Inc. (NYSE: MO) today announced that it has signed an agreement to
sell its headquarters building at 120 Park Avenue in New York City for
approximately $525 million.
Under terms of the agreement, Altria plans to close the sale no later than April
1, 2008. Altria said 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. The purchaser is a subsidiary of Global Holdings, Inc., a
private, U.S.-based real estate investment company, which is part of Eyal Ofer
family interests.
The 643,000 square foot building has served as Altria's corporate headquarters
since it opened in 1982 and currently houses approximately 500 employees. Altria
previously announced that it will eliminate approximately 400 of those positions
when its headquarters relocates to Richmond, Virginia in early 2008.
Altria Group, Inc. Profile
As of September 30, 2007, Altria Group, Inc. owned 100% of Philip Morris
International Inc., Philip Morris USA Inc. and Philip Morris Capital
Corporation, and approximately 28.6% of SABMiller plc. The brand portfolio of
Altria Group, Inc.'s tobacco operating companies includes such well-known names
as Marlboro, L&M, Parliament and Virginia Slims. Altria Group, Inc. recorded
2006 net revenues from continuing operations of $67.1 billion.
Trademarks and service marks mentioned in this release are the registered
property of, or licensed by, the subsidiaries of Altria Group, Inc.
Forward-Looking and Cautionary Statements
This press release contains forward-looking statements that involve a number of
risks and uncertainties and are made pursuant to the Safe Harbor Provisions of
the Private Securities Litigation Reform Act of 1995. Please refer to Altria
Group, Inc.'s Form 10-Q for the period ended September 30, 2007 for a discussion
of the risks and uncertainties to which Altria is subject.
Altria Media Center
917-663-2144
Altria Group (LSE:ALA)
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