Upmarket brand Tommy Hilfiger Corporation says its wholly owned subsidiary Tommy Hilfiger USA Inc has closed the sale of its building at 485 Fifth Avenue in New York City.

The transaction is valued at approximately $48m, the proceeds of which will be used for general corporate purposes.

Hilfiger sold the building to consolidate its New York City-based design, production, merchandising, marketing, and administrative personnel into one location in the Starrett-Lehigh Building at 601 W 26th Street.

Tommy Hilfiger Corporation, through its subsidiaries, designs, sources and markets men's and women's sportswear, jeans wear and children's wear under the Tommy Hilfiger trademarks.