Former AIG Branch Moving HQ to 399 Park Ave.
April 6, 2010
By: Andrew Deichler

On Tuesday, the former asset management branch of American International Group (AIG) inked one of Manhattan's largest office lease transactions this year.

PineBridge Investments signed a 15-year lease for 111,728 square feet at 399 Park Ave. The company is consolidating operations from 70 Pine St. (the AIG Building) and 277 Park Ave. ...

... Mitchell Steir, CEO and chairman of Studley, along with Matthew Barlow and David Goldstein, executive vice presidents, represented PineBridge. John Powers, chairman of CB Richard Ellis New York Tri-State Region, as well as Peter Turchin, executive vice president, and Gregg Rothkin, first vice president, represented Boston Properties. CBRE's Ken Rapp, vice chairman, and Christopher Mansfield, first vice president, represented Legg Mason in the sublease.

"Our client wanted the best available midtown location that would satisfy its specific space requirement as well as a highly respected landlord," said Steir. He noted that large floor plates at 399 Park and the existing condition of the space were key factors in PineBridge's decision.  ...

... PineBridge will occupy the entire 97,309-square-foot fourth floor and a 14,419-square-foot portion of the sixth late this summer.

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