American International Group (AIG) has entered into a contract with developer Youngwoo & Associates and Korea-based Kumho Investment Bank to buy its downtown New York headquarters at 70 Pine St. and 72 Wall Street. Combined, the two buildings are 1.4 million sq. ft. The beleaguered insurance giant is expected to remain in its headquarters through 2010.
It is the latest in a series of moves by AIG to sell assets in order to repay $182.5 billion that it has received from the federal government since last September.
Just two weeks ago, American International Group (AIG) completed the $1.2 billion sale of its prime real estate holding in the Otemachi District in Tokyo to Nippon Life Insurance Co.