ABC's building is being sold to a Japanese firm.

Capital Cities-ABC said it had agreed to sell ABC's corporate headquarters building in New York to Shuwa Corp., a Japanese developer. Terms were not disclosed, but a real estate source estimated the value of the deal at between $165 million and $185 million. Capital Cities-ABC said it will remain a tenant of the building for three years. Earlier this week Shuwa completed the $620-million purchase of the twin-tower Arco Plaza in Los Angeles, home of Arco's corporate headquarters and the Los Angeles offices of Bank of America.

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