R.J. Reynolds Sells Iconic Reynolds Building For $7.8 Mln

(RTTNews) - R.J. Reynolds Tobacco Co., an indirect subsidiary of Reynolds American Inc. (RAI), said Thursday that it has sold the historic Reynolds Building to a partnership consisting of PMC Property Group and Kimpton Hotels & Restaurants for $7.8 million.

The building will be converted into a mixed-use building consisting of a boutique hotel, restaurant and upscale apartments.

Located in downtown Winston-Salem, North Carolina, the Reynolds Building is a 22-story art-deco style building completed in 1929. Designed by the highly acclaimed New York architectural firm of Shreve and Lamb, the Reynolds Building was selected as the 1929 Building of the Year by the National Association of Architects and later served as the model for the Empire State Building.