Altria sells NY headquarters building |
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Tue, 13 Nov 2007 16:42
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NEW YORK (AP) - Altria Group Inc., owner of cigarette producer Philip Morris, said Tuesday it reached an agreement to sell its corporate headquarters office building in New York for $525 million to a subsidiary of real estate firm Global Holdings Inc.Altria Group plans to close on the sale before April 1, 2008, and will record a pretax gain of about $440 million upon completion.The company had previously said it is moving its corporate headquarters to Richmond, Va. in early 2008. About 400 of the 500 employees currently working in the corporate headquarters in New York will lose their jobs as part of the relocation.Shares of Altria Group fell 30 cents to $72.17 in morning trading.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Altria Group to sell New York headquarters building for $525M 