Altria Group, Inc. Signs Agreement to Sell Building at 120 Park Avenue in New York City for $525 Million |
NEW YORK--(BUSINESS WIRE)--Nov. 13, 2007--Regulatory News:
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.
CONTACT: Altria Media Center
917-663-2144
SOURCE: Altria Group, Inc.
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