11/13/2007

CBRE brokers Altria's sale of Park Ave headquarters

by

120 Park Ave.

Altria Group, Inc., the parent company of Philip Morris, has entered an agreement to sell its headquarters at 120 Park Ave. in Midtown Manhattan for $525 million to a subsidiary of Global Holdings, Inc., a private real estate investment company that is part of Eyal Ofer's family interests.

CB Richard Ellis' William Shanahan, Darcy Stacom and Craig Reicher negotiated the deal for Altria. The sale is expected to close by April 1, 2008. The company plans to move its headquarters to Richmond, Virginia early next year.

The tower at 120 Park Ave. has been the corporate headquarters of Altria since construction completed in 1982. It rises 26 stories and spans 643,000 square feet.

Mr. Ofer is the CEO and chairman of London-based Carlyle M.G. Limited and co-chairman of Miller Global Properties, LLC, a partnership between Miller Properties Group and Global Holdings Inc. Miller Global owns several commercial properties in the U.S. including 875 Third Ave. in New York City.

Mr. Shanahan is a partner and the vice chairman of the Investment Properties Institutional Group. A 26-year commercial real estate veteran, he joined CBRE in 2002.

Ms. Stacom is also vice chairman and partner in the Investment Properties Institutional Group. With the firm since 2002, she was named CB Richard Ellis top broker in 2005 and 2006.

Mr. Reicher is an executive vice president and partner of the New York Tri-State area for CBRE. A former partner in the law firm of Fried, Frank, Harris, Shriver & Jacobson, Mr. Reicher has been instrumental in negotiating office leases for New York's major law firms and has created real estate strategies for a number of corporate clients.

Address: 120 Park Ave., New York City, N.Y.

Size: 26 story/643,000 square feet

Built: 1982

Architect: Ulrich Franzen & Assoc.

---

Filed Under: none

E-mail this article to a friend | Printer friendly format| DIGG this| Post to del.icio.us

Comments on this article

No comments have been posted in the last 15 days!

Send us your comments on this article

* - Required fields Subject: * Message: * Contact Name: * Contact URL: Contact Email: * Write the characters in the image above:

Related Headlines

• Colliers International welcomes three brokers in California - 5/29/2009
• Texas hotel sells for $4.275M - 5/29/2009
• Massey Knakal lists NoHo retail building for $5.95M - 5/29/2009
• California industrial building sells for nearly $3 million - 5/29/2009
• NAI facilitates sale of Alaska mixed-use building - 5/28/2009
• Long Beach retail center commands $6.05M - 5/28/2009
• Florida land fetches $2.725M - 5/28/2009
• Marcus & Millichap list Virginia retail store for more than $10.2M - 5/28/2009
• Colliers Arnold stays busy in Tampa - 5/27/2009
• Colliers sells two buildings in California - 5/27/2009