Former AIG space hits the market for lease

alternate text70 Pine Street and Young Woo

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More than 500,000 square feet of office space has just been put up for lease at 70 Pine Street, the former headquarters of AIG, the Wall Street Journal reported. An excess of unused office space in Downtown Manhattan resulted in more than 5.9 million square feet of space being added to the market during a 12-month period ending in April, according to Cushman & Wakefield. The asking price for the AIG space, which was purchased with neighboring 72 Wall Street for $150 million last year by Youngwoo & Associates, is between $33 and $35 a square foot. Asking rents are down 25 to 30 percent from what they were at the market’s peak, brokers said. Other large blocks of city space that have been vacated by financial companies are now available at 40 Wall Street, 85 Broad Street, 125 Broad Street and 77 Water Street. [WSJ]