NEW YORK CITY-An investment group is selling the old downtown headquarters of American International Group. The venture, which comprised South Korea-based Kumho Investment Bank, has signed a deal to sell the 70 Pine St. property to Metro Loft for an amount of $205 million.
Kumho bought the 66-story skyscraper at 70 Pine and 72 Wall St. from AIG for $150 million in 2009. Metro has plans to turn the property into approximately 1,100 rental units. The deal was arranged by Jones Lang LaSalle. For the full story, go to Wall Street Journal .
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