American International Group (AIG) is looking for buyers for its Tokyo headquarters, which overlooks the Imperial Palace, according to a company spokesman.
Calling it “one of the prime real estate properties in the world,” AIG spokesman David Monfried said he expects $1 billion would be “a good starting point” with respect to price for the real estate.
Mr. Monfried said there has already been considerable interest in the property.
He said he saw a report that noted at one point during the 1980s Japanese real estate bubble the square mile underneath the Imperial Palace may have been worth more than all of the real estate in California combined.
Mr. Monfried added, “So this is really prime property.”
AIG has been selling assets to repay a federal government loan provided in Sept. 2008.
(Phil Gusman may be reached at pgusman@nuco.com, 201-526-2346)
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.