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TOKYO-After months of speculation, American International Group Inc. has agreed to sell its Japanese headquarters for $1.2 billion to Nippon Life Insurance Co. The deal is expected to close before the end of the second quarter.

As GlobeSt.com reported last week, AIG was in talks with at least two companies.

The 15-story property is located in the Otemachi section of Tokyo across from the Imperial Palace. It is thought that when the deal is made public the HQ will go to a Japanese insurance company. The 35-year-old building was put on the market in February and Merrill Lynch in reported to be handling the transaction. There are 25 tenants located in the class-A building, 1,000 employees in total. Every lease in the property expires in 2010.

The deal is part of AIG’s attempt to begin repaying the federal government the $45 billion it was loaned in the the rescue package.

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