Mexico City - Procter & Gamble Co. has completed the move of about 400 employees to new corporate offices near Mexico City. The Cincinnati-based maker of everyday household products and consumer goods is now leasing space for its Mexico headquarters in a new building in Huixquilucan.

Though P&G declined to reveal the selling price of the building and land that the Mexico general offices previously occupied, local media reports that the 603,000 sq. ft. property was sold for $112 million to GICSA, who plans to build an upscale housing development.

Located on the outskirts of the Lomas de Vista Hermosa residential area in Cuajimalpa, the former P&G building had been home to the general offices since 1981.

"After 37 years in the same location, the P&G Mexico general offices were relocated to a new building for a complete renovation of the day-to-day work experience," spokeswoman Claudia Herrermoro said. "Being in an office building with other companies, the new headquarters represent a cost savings and reduced footprint."

The new office features moveable workstations and collaboration rooms in a modern, relaxed environment that overlooks Mexico City, according to Procter & Gamble.

P&G Mexico began operations in 1948. In 2011, Procter & Gamble spent $250 million to build a massive plant in Central Mexico to manufacture Gillette razors and razor blades, which created about 2,400 jobs.

Today, the company has 6 manufacturing plants and 3 distribution centers in Mexico, where it employs about 4,500. P&G's board of directors includes former Mexican President Ernesto Zedillo.