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May 14th, 2009 
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American International Group (AIG) has made a contract to trade its prime real estate property in Tokyo for about Yen115.5 billion ($1.2 billion) to Nippon Life Insurance Company. It was the Japanese headquarters of AIG Inc., which is located in Chiyoda Ward and in front of the Imperial Palace.
The 15 storied building stays in Tokyo from 35 years which consists of about one acre of land. AIG has existed in Japan since1946. But in 2009 first quarter, AIG lost US$4.35 billion. U.S. government gave $85 billion loan to AIG in September. As market environment get worse and losses piled up at the insurer, U.S. administration extended its credit package quite a few times. Now the total loan is almost $180 billion after being extended in March when it reported $61.7 billion loss in fourth-quarter of the year which is the highest ever quarterly loss in U.S. history. So, economically distressed of U.S. insurance company has been negotiating the retailing of the building with Japanese monetary services organizations and real estate firms since this February. AIG is selling its property as part of its rehabilitation plan which is managed by the U.S. government. About the trade, AIG’s chief executive and chairman, Edward Liddy said,
<h4>Related tags</h4><ul><li>aig building american life insurance company</li></ul>This is a significant transaction because of the prominence and unique nature of the property and the highly attractive value that both AIG and Nippon Life Insurance Company are realizing through the transaction. This transaction has been successfully negotiated by AIG despite the difficult real estate market environment in Japan and globally.
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