Reader's Digest will receive an additional $10 million from thebuyer two years from now. Officials with Reader's Digest also notethat it signed a 20-year renewable lease for a portion of theproperty. Although no firm figure on the size of the lease werereleased, Reader's Digest will likely lease back a little less thanone-third of the corporate headquarters building. The company willbe looking to "restack" the portions of the building it intends tocontinue to use as its corporate headquarters in the next 12months. The building, which totals approximately 700,000 sf, wasbuilt in 1939 with additions constructed in the 1940s, 50s and 60s,company officials say.

Cushman & Wakefield's Maureen O'Boyle, who works out of thebrokerage firm's Stamford, CT offices, as well as Mitchell Konsker,Michael Rotchford and Margery Westcott of C&W's New York Cityoffices represented Reader's Digest.

Reader's Digest had been reviewing options for its headquartersproperty, located in Chappaqua, a hamlet of the Town of New Castle,for the past two years. The firm currently has 800 employees housedat the complex, down from the 1,800 workers 10 years ago. Reader'sDigest expects that the sale/leaseback deal will reduce its costsby $10 million per year.