AIG Puts Building on the Block

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Photo: CrainsNewYork.com

As AIG CEO Edward Liddy is being methodically scalded with boiling oil and forced to eat toxic pink Peeps leftover from last Easter in front of the Financial Services Committee today, company operatives have let slip that they're putting AIG's downtown office building up for sale. They're looking to sell off 70 Pine Street, their headquarters, and nearby 72 Wall Street, as part of an effort to boost their bottom line. Of course, this could very well just be for show, as they're not likely to garner a good price for the properties in this market, and finding a new tenant would be nearly impossible, according to real-estate analysts. According to Crain's, "experts estimate that the buildings would fetch anywhere from $100 a square foot to $150 a square foot. That would put the price tag for 70 Pine St. between $78 million and $116 million while 72 Wall St. might bring in between $33 million and $49 million." Not exactly the kind of figures that are going to save the company. But still! AIG is learning. Making it seem like you're listening to the government is half the battle! Next time he testifies before Congress, Liddy might be allowed to eat this year's toxic Peeps.

AIG HQ to sell at fraction of price [Crain's]