AIG throws its weight behind Manhattan’s office market

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

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