Advertising and marketing services giant WPP has sold a freehold property at 285 Madison Avenue in New York for 189.25m dollars .
The property has been the worldwide headquarters of Young & Rubicam Inc (Y&R), the global marketing communications company, since 1926 and was acquired as part of WPP's purchase of Y&R in 2000.
In 2013, Y&R will be moving to its new headquarters at 3 Columbus Circle, New York.
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