AIG throws its weight behind Manhattan’s office market

Insurance giant is moving into new Midtown HQ at 1271 Sixth Avenue

TRD New York /
Jul.July 22, 2020 09:30 AM
1271 Sixth Avenue and AIG CEO Brian Duperreault (Google Maps)

1271 Sixth Avenue and AIG CEO Brian Duperreault (Google Maps)

AIG is pulling the trigger on its new Midtown headquarters at the former Time-Life Building, despite uncertainty over the future of office life.

The financial and insurance giant is moving ahead with its new eight-level office at Rockefeller Group’s 1271 Sixth Avenue, Crain’s reported. The new, 325,000-square-foot office is slated to be up and running next year.

AIG will consolidate its 450,000 square feet in existing space between the Midtown HQ and two other offices in Lower Manhattan and Jersey City.

The lease at 1271 Sixth Avenue has been in the works since at least 2018. At that time, talks included a proposed lease term of 11 years. Last year, AIG sold its Downtown HQ for $270 million.

AIG’s announcement comes as many companies are considering trimming their office footprints. Manhattan’s office leasing market had its slowest quarter since 2009 this spring, as the city shut down and many adapted to working from home to prevent the spread of Covid-19. [Crain’s] — Erin Hudson


Related Articles

arrow_forward_ios
Cushman & Wakefield’s Brett White

Cushman & Wakefield reports $101M quarterly loss

Cushman & Wakefield reports $101M quarterly loss
Durst Organization chairman Douglas Durst and Advance Publications president Donald Newhouse with One World Trade Center (Newhouse by Ilya S. Savenok/Getty Images for The Association for Frontotemporal Degeneration; Unsplash)

Condé Nast may be moving out of 1 WTC

Condé Nast may be moving out of 1 WTC
Moody's CEO Raymond McDaniel and 1 World Trade Center (McDaniel by Alex Wong/Getty Images; Pixabay)

Moody’s looks to sublease its 1 WTC office

Moody’s looks to sublease its 1 WTC office
From left: Manhattan Mall at 100 West 33rd Street, Vornado CEO Steven Roth and a rendering of the Farley Post Office building (Roth by Misha Friedman/Getty Images; Manhattan Mall via VNO; Farley Building via SOM)

Vornado may convert Midtown J.C. Penney space to last-mile facility

Vornado may convert Midtown J.C. Penney space to last-mile facility
(iStock)

TRD Insights: Nationwide office leasing demand hits two-decade low

TRD Insights: Nationwide office leasing demand hits two-decade low
Bryant Park Hotel at 40 West 40 Street (Google Maps; iStock)

Bryant Park Hotel being marketed as office space

Bryant Park Hotel being marketed as office space
28 Liberty Street (Wikipedia)

Manhattan’s office leasing sees busiest month since January

Manhattan’s office leasing sees busiest month since January
Facebook CEO Mark Zuckerberg and a rendering of the Farley Post Office building redevelopment (Credit: Getty Images, SOM)

Farley gets Zucked: Facebook signs huge lease at Post Office redevelopment

Farley gets Zucked: Facebook signs huge lease at Post Office redevelopment
arrow_forward_ios

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

Loading...