SAN FRANCISCO - AMB Property Corp. and New York-based AIG Global Real Estate Investment Corp. have each contributed $50 million to form AIG AMB Greenfield Investment Alliance LLC. The partnership will acquire and develop environmentally impaired properties in major U.S. markets. The alliance's primary focus will be on existing developments and properties to be developed or redeveloped that also need environmental remediation.

The Greenfield Investment Alliance will also emphasize acquiring undervalued industrial properties with environmental issues located near major airports, ports and intermodal properties. AIG and San Francisco-based AMB jointly will manage the alliance, with AMB responsible for the day-to-day operations of the partnership.

With AMB's status as one of the largest industrial developers and owners - and AIG Global Real Estate Investment Corp.'s affiliation with insurance giant American International Group Inc. - the Greenfield Investment Alliance starts out on strong footing. The partnership is near closing on its first acquisitions - an industrial development in the Chicago area and another in the Los Angeles area.