Formerly known as AIG Investments, PineBridge plans to consolidate its operations from 70 Pine St. and 277 Park Ave. when it relocates to its new home late this summer, according to a release from Studley and CB Richard Ellis, which brokered the deal. AIG sold the firm last week to Hong Kong-based Pacific Century Group for $500 million.
The 15-year lease comprises the entire 97,309-square-foot fourth floor and a portion of the sixrh floor. According to the release, PineBridge sublet 72,647 square feet from Legg Mason through September 2017, and leased the remaining 39,081 square feet directly from landlord Boston Properties for 15 years. The Legg Mason sublease will become a direct lease.
Studley CEO and chairman Mitchell Steir represented Pinebridge along with EVPs Matthew Barlow and David Goldstein. In a release, Steir notes that PineBridge wanted "the best available Midtown location that would satisfy its specific space requirement as well as a highly respected landlord. The large floor plates at 399 Park are very efficient, and the existing condition of the space afforded great value."
Boston Properties was represented by John Powers, chairman of the tristate region for CBRE, and his colleagues EVP Peter Turchin and first VP Gregg Rothkin. CBRE's Ken Rapp and Christopher Manfield, vice chairman and first VP, respectively, represented Legg Mason.
Last October, another firm with an AIG tie-in of sorts, C.V. Starr & Co., also consolidated its Manhattan offices with a 141,000-square-foot headquarters lease at 399 Park, taking space formerly occupied by Lehman Brothers. Although C.V. Starr is not connected to AIG, the insurer's CEO is Maurice Greenberg, formerly AIG's chairman.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
