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AIG Spinoff Takes 112,000 SF in Midtown

NEW YORK CITY-PineBridge Investments, formerly the global investment arm of AIG, is consolidating into a combination of sublet and direct space at 399 Park Ave.

By Paul Bubny | Updated on April 06, 2010

NEW YORK CITY-A tenant that didn’t exist under its current name or configuration six months ago has signed one of Manhattan’s largest office leases thus far in 2010. PineBridge Investments, previously a unit of AIG, has taken 111,728 square feet of space at 399 Park Ave. for its New York headquarters.

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.

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