Last puff: Philip Morris exits 120 Park for Connecticut HQ

Tobacco behemoth eyeing Fairfield County

Tri-State /
Jun.June 25, 2021 11:00 AM
120 Park Avenue, Philip Morris CEO Jacek Olczak and Fairfield County, Connecticut (Avison Young, Philip Morris, iStock)

120 Park Avenue, Philip Morris CEO Jacek Olczak and Fairfield County, Connecticut (Avison Young, Philip Morris, iStock)

Tobacco behemoth Philip Morris International is leaving New York for its new headquarters in southwest Connecticut.

The company is exiting its offices at Global Holdings Group’s 120 Park Avenue, according to the Wall Street Journal. About 200 employees from the 26-story Midtown East location — built in 1981 as its corporate headquarters — will move, said CEO Jacek Olczak. The company continues its shift away from tobacco products.

A new location wasn’t specified, but Olczak said the company may set up shop somewhere in Fairfield County, the Journal reported. Unusually, the move to Connecticut will not include incentives or tax breaks, a spokesperson for Gov. Ned Lamont told the Journal.

Post-Covid, Connecticut has gained new appeal. The housing and rental markets have both surged as urban workers with the means left New York City.

Phillip Morris sold 120 Park to Global Holdings in 2008 for $525 million and relocated its main operations to Virginia. Bloomberg LP moved into the 630,000-square-foot building in 2011. It has a 468,000-square-foot lease across 16 floors that runs through early 2029.

[WSJ] — Suzannah Cavanaugh


Related Articles

arrow_forward_ios
The Centre at Purchase at 1, 2, 3, 4 Manhattanville Road with George Comfort & Sons CEO Peter Duncan (George Comfort & Sons)
Westchester office park owned by George Comfort & Sons slated for auction
Westchester office park owned by George Comfort & Sons slated for auction
An aerial of the Pascack Ridge development (Google Maps)
Large Rockland development project suffers setback in court
Large Rockland development project suffers setback in court
Tritec Principal Robert Coughlan with the project (Tritec)
Tritec lands $173M for Bay Shore Residences
Tritec lands $173M for Bay Shore Residences
5164 US Highway 209 in Accord (Google Maps)
Roll on: Shuttered Upstate skating rink may get new life
Roll on: Shuttered Upstate skating rink may get new life
Renaissance Westchester Hotel entrance (Marriott)
Renaissance Westchester Hotel to shutter West Harrison property
Renaissance Westchester Hotel to shutter West Harrison property
The Springs Tavern (Compass)
Two East Hampton restaurants are up for sale
Two East Hampton restaurants are up for sale
Home sale prices hit record high in Suffolk County
Home sale prices hit record high in Suffolk County
Home sale prices hit record high in Suffolk County
Trump Plaza New Rochelle at 175 Huguenot Street and Donald Trump (Getty, Anthony22/Wikimedia)
Trump Plaza New Rochelle dumps Trump Org as property manager
Trump Plaza New Rochelle dumps Trump Org as property manager
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...