AIG said to mull leaving Manhattan HQ

The New York-based insurer leased more than 800,000 square feet at 180 Maiden Lane as of Dec. 31, SL Green said in its annual report.

(Bloomberg) -- American International Group Inc., the insurer rescued by U.S. taxpayers, is weighing a move from its headquarters at 180 Maiden Lane in Manhattan, said two people with knowledge of the company's planning.


The approximately 2,000 employees there may be transferred to other locations as part of a cost-saving consolidation, said one of the people, who asked not to be identified because the deliberations are private. An AIG-owned property at 175 Water St., within walking distance from Maiden Lane, is among the buildings that may absorb the workers, the person said.


AIG has less need for space as Chief Executive Officer Robert Benmosche shrinks the company and sells units to pay back a U.S. bailout that swelled to $182.3 billion. The New York-based insurer had 57,000 employees worldwide as of Dec. 31, down from 116,000 three years earlier.


"Our attention is certainly on 180" Maiden Lane, Andrew Mathias, president of SL Green Realty Corp., which co-owns the building, said yesterday on a conference call discussing second- quarter results. "We're actively exploring the possibilities of both a redevelopment of the asset and bringing it to the market for new tenants."


AIG leased more than 800,000 square feet at 180 Maiden Lane as of Dec. 31, New York-based SL Green said in its annual report. About 850,000 square feet in the 1.2 million-square-foot building will be available in May 2014, according to CoStar Group Inc., a Washington-based real estate data service that tracks office leasing. SL Green co-owns the building with Moinian Group.


"No final decisions have been made regarding the 180 Maiden Lane lease," Jim Ankner, a spokesman for AIG, said in a phone interview today. "We are committed to preserving AIG's presence in New York City."


The Maiden Lane property became AIG's principal office after the company struck a deal in 2009 to sell its previous headquarters at 70 Pine St. to Kumho Investment Bank, a South Korean firm, and Youngwoo & Associates, a Manhattan-based developer. AIG also sold a Tokyo office property to Nippon Life Insurance Co. for about $1.2 billion.


Eric Gerard, a spokesman for Moinian, referred questions regarding the AIG lease to SL Green. Heidi Gillette, an SL Green spokeswoman, didn't immediately respond to a voicemail.

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