Townsend Capital buys IFF HQ.

International Flavors & Fragrances Inc. and Townsend Capital, LLC, a Maryland-based corporate real estate investment firm, announced that Townsend Capital has acquired the 400,000-SF IFF headquarters building at 521 W. 57th St. in mid-town Manhattan.

IFF will remain in the building as a long-term tenant along with the building's other tenants including CBS Broadcasting, Inc. and Impath, Inc. The selling price was approximately $90 million.

"We are pleased that we were able to devise a structure which helped improve the value of the property for IFF," said Dennis Townsend, founder and chairman of Townsend Capital. "Our company's market strength is its ability to enhance value through its expertise in corporate leasing, real estate finance, tax and accounting structures."

"Townsend's creative approach and the transaction they brought to the table helped maximize the value of the property for our shareholders," said Douglas Wetmore, IFF's senior vice president and chief financial officer. "The sale of the building in no way impacts IFF's longstanding and ongoing commitment to New York. The long-term lease we have entered into should be seen as an affirmation of our commitment to New York City and to our many customers based here."