NEW YORK CITY — An international consortium that includes New York-based investment and development firm Youngwood & Associates and Korean bank Kumho Investment Bank has entered into an agreement to acquire the New York City headquarters of American Insurance Group Inc. (AIG). The two connected buildings, which are located at 70 Pine St. and 72 Wall St. in Manhattan’s Financial District, contain 1.4 million rentable square feet.
AIG occupies the 66-story Pine Street tower. The office buildings was built in 1932, at the same time as 72 Wall Street, and was the tallest skyscraper in New York City until the construction of the World Trade Center. AIG has occupied the tower since the 1970s.
The purchase was arranged by CB Richard Ellis. Terms of the transaction were not released pending the completion of the sale, but multiple sources have estimated the sale price at approximately $100 million.
In a statement, Greg Carney, a partner with Youngwood & Associates, said,” We are pleased to announce this important transaction and view it as a key stepping stone in our long-range plan to establish a major presence for Korean institutions in the U.S. property and capital markets. According to a release issued by CB Richard Ellis, the purchase of AIG headquarters marks the beginning of a broader commitment by Korean institutions to invest overseas. In the future, Kumho will be focusing its efforts on the New York market.
— Coleman Wood