Altria Group Inc announced on Tuesday that it would sell its headquarters on Park Avenue in Manhattan for US$ 525 million to a unit of the private real estate company, Global Holdings Inc.

The 643,000 square foot building has served as Altria's corporate headquarters since it opened in 1982 and currently houses about 500 employees. About 400 of those positions will be eliminated when the company’s headquarters are relocated to Richmond, Virginia, in early 2008 as Altria splits up its US and international tobacco businesses, Philip Morris USA and Philip Morris International.
Altria said it will record a pre-tax gain of US$ 440 million when the sale of the building closes. The sale is expected to close no later than 1 April 2008. (pi)