Insurance giant AIG zeroing in on Time-Life Building office space

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The finance and insurance giant AIG may be the next company to stake out a spot at 1271 Avenue of the Americas.

The “it” building undergoing a huge renovation has commitments from Major League Baseball, Mizhuho Americas, Latham & Watkins, Bessemer Trust and Blank Rome.

With just one large tranche left, AIG is likely zeroing in on 150,000 to 200,000 square feet on the 20th through 24th floors. While sources said a lease is out, that doesn’t mean a deal is anywhere near completed. “It could take months,” advised one source.

And in the current tenant-centered world of real estate, it may even have leases from other properties as well as from its current buildings hoping it will remain in place.

AIG has been headquartered in its owned buildings and others centered around Wall Street, so the leap to Midtown will be a game-changer for its culture.

A JLL team led by Peter Riguardi represents AIG, while the Rockefeller Group ownership has a CBRE team led by Mary Ann Tighe working on the leaseing. The parties declined to comment.

Waterfall Asset Management is expanding and moving to 1251 Avenue of the Americas, where it will have the entire 50th floor of 44,100 square feet.

Chris Kraus and Daoud Awad of JLL represented the tenant in the 11-year deal. NKF’s David Falk, Peter Shimkin, Eric Cagner and Nick Berger represented building owner Mitsui Fudosan America.

The asking rent for the remaining available 37th and 38th floors is in the low-$90s per square foot.

Waterfall is on two floors at 1140 Avenue of the Americas, totaling 25,500 square feet, and wanted a single-floor office to move into in 2019. Founded in 2005 by Tom Capasse and Jack Ross,

Waterfall focuses on high-yield, asset-backed securities along with real estate investments. As of July, it had $7.8 billion under management.

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