NEW YORK (Reuters) – Bailed-out insurer American International Group Inc may leave its headquarters in lower Manhattan next year when its lease expires, an executive at SL Green Realty Corp, the company that owns the building said.
AIG's lease for 803,000 square feet of the 1.1 million square-foot building at 180 Maiden Lane expires next year. SL Green bought a 49.9 percent interest in the building when it helped The Moinian Group refinance the property last year.
Jim Mead, SL Green Realty Corp chief financial officer said in a conference call with analysts Thursday that SL Green entered into the deal thinking there was a good chance AIG would leave.
“So we're actively exploring the possibilities of both a redevelopment of the asset and bringing it to the market for new tenants and also in discussions playing it out with AIG in terms of their occupancy,” Mead said. “So it's still too early to tell there, but it's definitely getting a lot of our focus.”
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