AIG Reshuffles New York Footprint With 3 New Leases

28 Liberty St. Image courtesy of Google Maps

Global insurance firm AIG has inked major leases in New York City and Jersey City, N.J. in a significant reshuffling of its Big Apple footprint.

The company announced it will relocate its global headquarters in New York City from the Financial District to Midtown Manhattan and consolidate its other offices in the area between two new locations in Jersey City and Lower Manhattan.

AIG inked a lease for 325,000 square feet across eight floors at the Rockefeller Group’s 1271 Avenue of the Americas in Midtown, where it will relocate its global headquarters from its current location at 175 Water St. in the Financial District. The firm also inked leases for 450,000 square feet total between two new locations: 28 Liberty St. in Lower Manhattan and 30 Hudson St. in Jersey City, N.J. AIG did not disclose the breakdown of square footage between the two properties. 

However, according to a report from the Commercial Observer, AIG will occupy about 170,000 square feet at 30 Hudson, the 42-story office tower owned by Goldman Sachs Asset Management and located along Jersey City’s waterfront.  

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In a press release announcing the deals, the company said it is planning to move into the three new offices sometime in 2021. AIG President & Global Chief Operating Officer Peter Zaffino said in prepared remarks that all three new offices will be designed in a way that allows staffers to work “more effectively and collaboratively.”

Fosun International’s 28 Liberty St., formerly known as One Chase Manhattan Plaza, is a 60-story office tower built in 1960 and located in the heart of the Financial District. Last August, it was reported that Fosun was close to landing a $1.1 billion refinancing for the skyscraper that would allow the Chinese firm to remain the sole owner of the property. The deal reportedly closed the following month for a little over $1 billion, with Deutsche Bank and HSBC as the lenders.  

The Rockefeller Group’s 1271 Avenue of the Americas, also known as the Time-Life Building, is a 48-story office tower located within Rockefeller Center in Midtown Manhattan. The 1.9 million-square-foot property underwent $600 million in major capital improvements a few years ago that upgraded building systems and public plazas and modernized the façade and lobby.

The improvements led to big lease deals with tenants including wealth management fund Bessemer Trust, Major League Baseball, Mizuho Americas and two major law firms, Blank Rome and Latham & Watkins.