AIG could deliver big blow to 180 Maiden Lane

New York /
Jul.July 27, 2012 02:30 PM

The disastrous finances of the American International Group might finally weigh on the Manhattan real estate market. The insurer is considering vacating its 800,000-square-foot lease at 180 Maiden Lane, Bloomberg News reported, a 1.2 million-square-foot tower owned by SL Green Realty and the Moinian Group. AIG has cut its workforce by more than half, to 57,000, in the last three years and has begun selling units in an effort to pay back the $182.3 billion taxpayer bailout it accepted during the financial crisis.

About 2,000 employees remain in the tower, and they could be moved nearby to 175 Water Street, which the insurance giant owns. AIG sold its former headquarters, at 70 Pine Street, to Youngwoo Associates in 2009. It has since been sold to Metro Loft Management.

Though no final decisions have been made, the impact of AIG’s potential departure is not lost on the building’s owners. “Our attention is certainly on 180,” SL Green President Andrew Mathias said in a conference call yesterday. “We’re actively exploring the possibilities of both a redevelopment of the asset and bringing it to the market for new tenants.” [Bloomberg News]


Related Articles

arrow_forward_ios
The Daily News Building at 220 East 42nd Street and SL Green CEO Marc Holliday (Credit: Getty Images)
SL Green puts Daily News building up for sale
SL Green puts Daily News building up for sale
SL Green snags private-equity firm at One Vanderbilt
SL Green snags private-equity firm at One Vanderbilt
SL Green snags private-equity firm at One Vanderbilt
SL Green’s locks in big bank lease at Hudson Yards redevelopment site
SL Green’s locks in big bank lease at
Hudson Yards redevelopment site
SL Green’s locks in big bank lease at
Hudson Yards redevelopment site
Holiday Inn at 37-10 114th Street in Corona, Queens (Google Maps)
Holiday Inn next to LaGuardia Airport faces foreclosure
Holiday Inn next to LaGuardia Airport faces foreclosure
106 Spring Street with SL Green's Marc Holliday of SL Green and Paceline Equity Partners' Sam Loughlin (Google Maps, iStock)
One of Soho’s priciest retail spaces sells at UCC foreclosure auction
One of Soho’s priciest retail spaces sells at UCC foreclosure auction
SL Green's Marc Holliday and Brookfield Asset Management's Bruce Flatt with Tower 46. (SL Green, Brookfield)
SL Green to sell its 25% stake in Tower 46 to Brookfield
SL Green to sell its 25% stake in Tower 46 to Brookfield
SL Green CEO Marc Holliday with 11 Madison Avenue and 100 Park Avenue (SL Green, Google Maps/Illustration by Alexis Manrodt for The Real Deal)
SL Green sees improved “market vibe,” office return in “a blink of an eye”
SL Green sees improved “market vibe,” office return in “a blink of an eye”
From left: 11 Madison Avenue, Beam Suntory CEO Albert Baladi and SL Green CEO Marc Holliday (Photos via Beam Suntory; SL Green)
Beam Suntory will move HQ to 11 Madison Ave from Chicago
Beam Suntory will move HQ to 11 Madison Ave from Chicago
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...