Real estate investor Eyal Ofer has closed on his $525 million purchase of 120 Park Avenue from tobacco giant Philip Morris’ parent company, Altria. The Observer reported on the deal in November. Altria is moving its headquarters to Richmond, Va., leaving much of the 643,000-square-foot building up for lease.
Also, it should be noted: The closed deal represents one of the largest investment-sales transactions of 2008 so far. Remember when $525 million wasn’t that much money in Manhattan?