AIG Takes 800,000-SF Sublet Deal Downtown

NEW YORK CITY-American International Realty Corp., the real estate arm of American International Group Inc., has completed a lease assumption agreement with Goldman Sachs Group Inc. to sublease approximately 800,000 sf at 180 Maiden Ln. A source close to AIG tells GlobeSt.com that the company, which has several offices “scattered about” in lower Manhattan is committed to Downtown.

Despite some rumors of its headquarters at 70 Pine St. potentially on the block, the source says that “the rumor is unfounded” and AIG will not be selling. “It will remain the company’s headquarters.”

The source notes that the new lease will “allow consolidation of several of those Downtown AIG offices,” adding that it will serve as the firm’s overseas property casualty headquarters, not AIG’s headquarters.

The source tells GlobeSt.com that the firm will move into the building in phases beginning in September of this year, and will take approximately 800,000 sf by 2011. “Eventually AIG will occupy approximately 30 floors and have renewals rights through 2024.”

Although the source was not able to provide lease values and can not say which specific floors it will occupy in the 41-story, one-million-sf building, they explain that AIG was attracted to the building due to the excellent value, superior office space, and large meeting areas. “Goldman leaves behind build-out and instillations for our reuse,” the source notes.