Chinese company buys former AIG building for $46M

SouFun Holdings, a Chinese property website based in Beijing, plans to spend $46 million to acquire a former training center of American International Group in Manhattan, with the purchase expected to be completed in the first half of 2011. The training center includes a 250,000-square-foot building at 72 Wall Street, one of a pair of adjoining AIG properties purchased last year by Youngwoo & Associates and Korea-based Kumho Bank. In 2009, Youngwoo and Kumho paid $150 milliion for 72 Wall and neighboring 70 Pine Street. SouFun, which has 65 offices in China, said it will partner with selected universities and colleges in the U.S. to train its expanding management, staff and clients in the former AIG center. [China Knowledge]