reported a possiblesale last week.
Terms of the pending transaction were not disclosed. Recentpublished reports have speculated that given the current market andthe nature of the sale--a move by a troubled financial servicesgiant looking to divest assets to help repay $45 billion in federalloans--the two properties would sell for around $100 million, abouta third of what they would have fetched two years ago.
What is certain is that the deal is not a sale-leaseback andthat AIG will be vacating its 1.4 million square feet of space atthe 66-story 70 Pine and 16-story 72 Wall, which are connected by askywalk. AIG has owned 70 Pine since 1976, when it purchased theArt Deco office tower for $15 million.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
