AIG sells to Youngwoo and Kumho Investment Bank

AIG has officially announced the sale of 70 Pine and 27 Wall for under $100 per sq ft or about $140 million to Youngwoo & Associates and Kumho Investment Bank of Korea. AIG will vacate both properties instead of committing to a sale-leaseback as other major corporate sellers like the New York Times have done. Employees will presumably relocate to 180 Maiden Lane where the company subleased 800,000 sf from Goldman Sachs a year ago.

Both buyers are little known, but this purchase marks the beginning of an ambitious strategic investment initiative by the partners. Young Woo is an architect and developer, involved in properties such as 85 Tenth Ave, the Chelsea Arts Tower at West 25ht Street and 200 Eleventh Ave, as well as the telecom data center at 325 Hudson St. Woo and Kumho are also partners in a bid to redevelop Pier 57.