NYSE US 100
13.11.2007 15:25:00
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Altria Group, Inc. Signs Agreement to Sell Building at 120 Park Avenue in New York City for $525 Million
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.
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