Insurance conglomerate AIG has officially announced the relocation of its global headquarters to 1271 Avenue of the Americas in Midtown, Manhattan. The new headquarters will span eight floors or approximately 325,000 feet.
Commonly known as 1271 Sixth Avenue, the 48-story commercial tower is located within Rockefeller Center and was recently modernized and redeveloped by The Rockefeller Group. As part of the relocation plan, AIG has also finalized negotiations to lease 220,000 square feet of office space at 28 Liberty Street in Manhattan’s Financial District as well as 230,000 square feet at 30 Hudson Street in Jersey City, New Jersey.
AIG estimates that the move to its three new offices will be completed by 2021. In total, newly leased space will amount to nearly 800,00 square feet.
“By optimizing and modernizing our New York City area real estate footprint, we will align our workplaces with the objectives of AIG 200, our global, multi-year effort to position AIG for the future,” said AIG’s president and global chief operating officer Peter Zaffino. “We are designing offices in these three class A buildings that will allow our teams to work more effectively and collaboratively with high-quality infrastructure.”
Similar to 1271 Sixth Avenue, 28 Liberty Street has also undergone major renovations in recent years. Described as a repositioning, scope of work included the replacement of existing building mechanicals, the addition of 200,000 square feet of retail space and a signature restaurant and rooftop event space known as Manhatta, and activation of the surrounding landmarked plaza.
According to Fosun Hive, a subsidiary of multi-national investment company Fosun International, which owns 28 Liberty Street, the transaction with AIG brings the property up to 96 percent occupancy.
“AIG’s commitment to 28 Liberty highlights the long-term appeal of the property and the neighborhood,” said Fosun executive president Thomas Costanzo. “28 Liberty has attracted a diverse array of dynamic tenants seeking space-use solutions that benefit from the momentum in Lower Manhattan.”