AIG Looking For A Billion Dollar Sale In Japan
Embattled insurer American International Group (AIG) might be getting a billion-dollar boost through a real estate deal. Bloomberg reports that AIG is involved in a deal to sell its Tokyo headquarters building, shown above, to Nippon Life Insurance Co., Japan's largest life insurer, for close to a nice round billion. The 15-story tower is located in central Tokyo's Marunouchi district, the most expensive office district in Japan, next to the Imperial Palace, and the price certainly doesn't suggest that it's an emergency sale. Commercial values in Tokyo did fall over six percent last year and office vacancy but it is still the third highest city in the world for office real estate. In March AIG was said to be looking to earn a far smaller number, around $100 million by selling its 66-story Art Deco headquarters at 70 Pine Street in Manhattan.