AIG HQ May Have Found Buyer

NEW YORK CITY-AIG, seeking to sell assets to help repay $45 billion to the federal government, may have reached a deal to sell its headquarters at 70 Pine St. and 72 Wall St., according to the New York Post . The two-building, one-million-square-foot headquarters, which is connected by a skywalk, has reportedly sold for $100 million to overseas buyers. At the peak of the market, it could have fetched as much as $315 million, according to published reports.

The buyers of the adjoining properties–the 66-story 70 Pine and the 16-story 72 Wall–expect to create a mixed-use development that could include residential and retail, the Post reported. However, any deal involving a foreign buyer would have to be approved by the Department of State due to anti-terror legislation.

Reportedly, the buyers would have to seal the deal with a $10-million deposit. “AIG was very firm and did not want any contingencies in the contract,” the Post quoted a source as saying.