The American International Group, the giant insurer rescued from collapse by the federal government, has agreed to sell its New York headquarters and an adjacent office building, Bloomberg News reports, citing two unidentified people familiar with the matter.
An agreement has been reached for 70 Pine Street and 72 Wall Street in Lower Manhattan, these people said, declining to be identified because the talks are private. The price and the prospective buyer were not disclosed.
A.I.G. is selling businesses and property in an effort to repay some of the $180 billion in bailout money that it received from the government.
“This is going to be a transaction for someone who’s not just a money buyer but someone who really understands how to develop property,” said Mark Weiss, vice chairman of the New York real estate brokerage Newmark Knight Frank. He told Bloomberg that the prospective buyers might convert the buildings into offices, apartments or hotel rooms.
An A.I.G. spokesman declined to comment to Bloomberg.
A.I.G. will continue to occupy 70 Pine Street, a 66-story skyscraper completed in 1932, until the end of next year, the people familiar with the matter told Bloomberg. They added that the company was planning to move employees into its offices at 180 Maiden Lane.
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