NEW YORK - SCANDAL-RAVAGED insurance giant AIG said on Wednesday it was considering the sale of its New York headquarters building and another Manhattan office tower to help the ailing firm raise cash.
Company spokesman Mark Herr said AIG 'is evaluating the potential sale of its headquarters building at 70 Pine Street and the 72 Wall Street building.'
'This is part of AIG's divestiture strategy and effort to maximise operating efficiency. Both buildings were constructed in 1932 and have been owned and operated by AIG since the 1970s,' Mr Herr said in a statement.
He added that 'market interest received will help determine the best course of action.'
The New York Post, which first reported the potential sale, said it would occur as the city's real estate market is mired in a slump and that each tower would probably fetch between US$50 million and US$100 million (S$152 million).
The news comes as the scandal-tainted firm which received a US government bailout of more than US$170 billion is also reeling from news of bonuses paid of more than US$165 million.
US officials said AIG would have to repay the government for the bonuses.
The government, which owns a controlling stake in AIG, is trying to wind down its operations without disrupting financial markets. -- AFP
