AIG Puts Tokyo Headquarters Building Up for Sale
Thursday, February 12, 2009
Source: Bloomberg
Bloomberg reports: American International Group Inc., the insurer selling assets to repay a U.S. loan, put its Tokyo headquarters building on the market in the past week, spokesman David Monfried said.
Merrill Lynch & Co. is looking for potential buyers on behalf of New York-based AIG, Monfried said today.
Until about six weeks ago, when the Japanese property market began to be affected by the global economic slowdown, Tokyo “had been a very active office market,” said Dan Fasulo, market research director for Real Capital Analytics Inc., a New York-based which tracks building sales worldwide.
“Tokyo in 2008 was the largest office sales market in the world, overtaking London and New York,” Fasulo said in an interview. “No major metro worldwide has been immune from the effects of the credit crunch, but their lending community had held up better. But now everybody’s worried about how fundamentals have collapsed.”
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Posted by: Nina Turner