Tiffany & Co. reported today that it has sold the building housing its flagship store in London for the price of £73,000,000 (approximately $149,000,000 at the sale date) and simultaneously entered into a 15-year lease with two 10-year renewal options. Tiffany had acquired the building at 25 Old Bond Street and an adjoining building at 15 Albermarle Street in 2002 for a total cost of $43,000,000 (U.S. dollar equivalent at the acquisition date). The acquisition was made in order to combine the buildings, renovate and reconfigure the interior retail selling space; that work was completed in 2006, allowing the Company to complete this sale and leaseback as planned.
