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NEW YORK CITY—C. V. Starr & Co., whose CEO is former AIG head Maurice Greenberg, is consolidating its Manhattan offices into 141,000 square feet of world headquarters space at 399 Park Ave. The investment and insurance firm is taking 120,000 square feet given up by Lehman Brothers, according to published reports.

A release from Cushman & Wakefield, which represented C.V. Starr in its search for new space, says the 399 deal is a long-term lease and that the tenant will occupy three full floors at 399 Park. A C&W spokesman tells GlobeSt.com he cannot divulge deal terms, but does say that C. V. Starr hopes to begin relocating employees into the new space next month.

Named for its founder, Cornelius Vander Starr, who also founded AIG, the company previously occupied a full floor at 399 Park, also the headquarters of Citigroup. It has subleased about 90,000 square feet at 90 Park Ave. since 2006.

“This is a perfect example of the kind of forward thinking strategy innovative firms are employing now to take advantage of the recent changes in the market,” says C&W executive John Picco in the release. “C. V. Starr identified its ideal occupancy scenario, which included location, quality and flexibility for expected future growth, and was able to secure an opportunity to realize its requirements at favorable terms.”

Picco represented C. V. Starr along with C&W colleagues David Stockel, August DiRenzo and Andrew Behymer. Landlord Boston Properties was represented in-house by Andrew Levin, as well as a CB Richard Ellis team including Peter Turchin, John Powers and Greg Rothkin.

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