Tiffany & Co. sells London flagship store

Tiffany & Co. has made a sale deal worth $149,000,000, by selling the building that housed its flagship store in London. It has worked out a 15-year lease with two 10-year renewal options, with the building’s new owners. Earlier Tiffany acquired the building on Bond Street in 2002. It combined the building with the adjoining building on Abermarle Street in 2006.

According to Michael J. Kowalski, Tiffany's Chairman and CEO, "Since opening our flagship store in London in 1986, Tiffany has developed a substantial and highly successful presence in London. Combining the Old Bond Street and Albermarle Street properties into a spacious new store has generated sales growth beyond our expectations, and we had always planned to pursue a sale-leaseback transaction following the completion of construction."