AIG Takes 220K SF at 28 Liberty and Plans Big Midtown HQ
By Rebecca Baird-Remba July 21, 2020 9:22 am
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Insurance and finance company AIG has inked a big leases at Fosun International’s 28 Liberty Street and Rockefeller Group‘s 1271 Avenue of the Americas, Commercial Observer can first report.
AIG, which is short for American International Group, has leased 220,000 square feet in the 2.2-million-square-foot office-and-retail tower at 28 Liberty Street, according to sources familiar with the deal. Asking rents in the long-term deal were around $75 a square foot.
The life insurance giant is also moving its headquarters to eight floors across 325,000 square feet at 1271 Avenue of the Americas, and the remainder of its footprint will be split between two new outposts at 28 Liberty and 30 Hudson Street in Jersey City. The firm will occupy about 230,000 square feet at 30 Hudson.
The transaction brings 28 Liberty up to 96 percent leased. Fosun bought the 60-story building for $725 million in 2013 and finished a dramatic renovation of the 1970s property last year. The revamp added 200,000 square feet of retail space in the base of the building, including a 600-seat Alamo Drafthouse Cinema and a 35,000-square-foot “culinary and live entertainment destination” operated by Legends Hospitality.
Fosun leased 255,000 square feet in the property in the fourth quarter of 2019, including a 109,000-square-foot deal with financial tech firm Refinitiv.
Thomas Costanzo and Isabella Chen handled the transaction in-house for Fosun, along with JLL’s Mitch Konsker, John Wheeler, Dan Turkewitz and Eliza Gordon. JLL’s Peter Riguardi, Joseph Messina and Michael Shenot represented the tenant.
“28 Liberty’s repositioning project was specifically designed to create an environment for world-class tenants such as AIG, and we are pleased to welcome them to this property,” said Bo Wei, the chief executive representative of Fosun International in the U.S., in a statement.
