NEW YORK CITY-Maryland-based corporate real estate investment firm Townsend Capital acquired the 400,000-sf International Flavors and Fragrances Inc headquarters building at 521 West 57th St. in Midtown for approximately $90 million. The Garibaldi Group/CORFAC International were the brokers.

IFF, the world’s leading creator and manufacturer of flavors and fragrances used in a wide variety of consumer products, will remain in the building as a long-term tenant along with the building’s other tenants including CBS Broadcasting Inc., Chadbourne & Parke and Impath Inc.

“We are pleased that we were able to devise a structure which helped improve the value of the property for IFF,” says 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,” says Douglas Wetmore, IFF’s senior vice president and CFO. “The sale of the building in no way impacts IFF’s longstanding and ongoing commitment to New York.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.