In February 1979, Seagram offered the tower for sale at $75 million. In the absence of official landmark status, the company mandated the new owner preserve the exterior and public spaces in their original condition. In addition, the new owner was obligated to keep the building for at least fifteen years, and the new owner would have to take over the high land-assessment taxes. Seagram sold the building to the Teachers Insurance and Annuity Association (TIAA) for $85.5 million in June 1979, leasing some space back from the TIAA. This fee included $70.5 million for the structure and $15 million for the underlying land. As part of the sale, the building's "Seagram" name was retained even though the building was only identified on signage by its address. Furthermore, the TIAA could not use the "Seagram" name in advertising the building. For decades after the sale, Phyllis Lambert continued to maintain an active interest in the Seagram Building's operation.