AIG plans to close several other offices also located Downtown and transfer the employees to the new location. Some will move this month, while the rest will wait until the custom build-out in complete in March. Paramount Group Inc. owns the building, which is now 95% occupied.
"We are delighted to welcome the AIG family to our property," says Albert Behler, Paramount Group president, in a statement. "AIG joins Goldman Sachs, Daiwa Bank and Bank of New York in making Financial Square the building of choice amongst elite investment and insurance corporations."
Terms of the long-term lease were not released. According to CB Richard Ellis' Q3 Downtown Report the average rent Downtown is $40 per sf.
Paramount's Arthur Bocchi and Cushman & Wakefield's Frank Cento represented Paramount. CB Richard Ellis' Lewis Miller, Andrew Sussman, John Powers and Scott Sloves represented AIG.
At about the same time AIG was finalizing its lease, MetLife signed on for 410,000 sf at 1095 Avenue of the Americas in Midtown, as GlobeSt.com reported.
At 250,000 sf, AIG's lease ranks among the biggest to be signed in 2006. In June, Moody's Investor Services leased 589,978 sf at Silverstein's 52-story 7 World Trade Center.
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