• 08 May 2009 at 3:56 PM

Sell Mortimer, Sell!

By

Turnabout is fair play. Remember when we laughed at the Japanese for the real-estate deals they took a bath on at the top of the market? Those birds have, it seems, come home to roost as a number of American firms shed Japanese real-estate at distressed prices. To wit:

American International Group Inc. is close to selling its Tokyo headquarters building to Nippon Life Insurance Co., Japan’s largest life insurer, for about $1 billion, a person familiar with the situation said.
An agreement for the 15-story tower in central Tokyo’s Marunouchi district may be announced as early as next week, the person said. Negotiations are continuing, said the person, who declined to be identified because the talks are private.
The property is in the most expensive office district in Japan, next to the Imperial Palace, making a potential sale a benchmark for commercial real estate prices. AIG, based in New York, is selling property and businesses after being bailed out four times by the U.S. government. The company has tapped about $45.5 billion from a U.S. credit line as of last week.

Ouch. That hurts.
AIG Said to Be Near $1 Billion Sale of Tokyo Tower to Nippon [Bloomberg]

Sign up for the Dealbreaker newsletter

Subscribe to our free daily email and get breaking news, financial headlines, commentary, and analysis from Dealbreaker.

— Advertisement —

Comments (30)

  1. 1
    Posted by guest | May 8, 2009 at 4:18 PM

    What hurts, exactly? The real estate analyst quoted in the article said it didn’t sound like a distressed price.

  2. 2
    Posted by Bulging Bracket | May 8, 2009 at 4:28 PM

    Er, EP wtf? FTFA:
    “It doesn’t sound like a distressed price,” said Peter Slatin, editorial director of Real Capital Analytics Inc., a New York-based firm that tracks commercial property sales.
    _______
    So pretty much no one agrees with the premise of your post. Anyways…

  3. 3
    Posted by guest | May 8, 2009 at 4:56 PM

    its almost certainly a distressed price. the aig building is right beside the imperial palace — this is the most expensive real estate in the world.

  4. 4
    Posted by guest | May 8, 2009 at 6:59 PM

    I agree w/ 1 & 2 – what was the purchase price. It doesn’t really hurt too much if they paid less than a bil for it.
    - 2StopShop

  5. 5
    Posted by guest | May 9, 2009 at 3:05 PM

    they bought it back when MacArthur was running the country… this post is idiotic

  6. 6
    Posted by Bristol Airport Hotels | April 20, 2012 at 4:29 AM

    Lslf8y Say, you got a nice blog.Thanks Again. Great.

  7. 7
    Posted by chrome wheel exchange | April 24, 2012 at 2:30 PM

    I am so grateful for your blog.Really thank you! Really Cool.

  8. 8
    Posted by propane refrigerator | April 24, 2012 at 5:53 PM

    Enjoyed every bit of your blog post.Really thank you! Really Cool.

  9. 9
    Posted by custom goalie sticks | April 25, 2012 at 4:21 AM

    Major thankies for the blog.Really looking forward to read more. Really Great.

  10. 10
    Posted by cheap backlinks | April 25, 2012 at 10:21 AM

    Great, thanks for sharing this blog article.Much thanks again. Fantastic.

  11. 11
    Posted by London Theatre | April 25, 2012 at 10:27 AM

    Appreciate you sharing, great post.Thanks Again. Really Great.

  12. 12
    Posted by watch movies free | April 25, 2012 at 3:06 PM

    I value the blog post.Thanks Again. Really Great.

  13. 13
    Posted by Knoxville Carpet Cleaners | April 27, 2012 at 7:47 AM

    Im obliged for the article.Much thanks again. Awesome.

  14. 14
    Posted by Sheds | April 27, 2012 at 7:07 PM

    I am so grateful for your article.Thanks Again.

  15. 15
    Posted by Best Multivitamin On the Market | April 28, 2012 at 10:14 PM

    Thanks for sharing, this is a fantastic article post.Much thanks again. Really Great.

  16. 16
    Posted by pest control western sydney | April 28, 2012 at 11:35 PM

    Im grateful for the post. Want more.

  17. 17
    Posted by Delbert Galiano | April 29, 2012 at 1:22 AM

    I cannot thank you enough for the post.Really looking forward to read more. Cool.

  18. 18
    Posted by the boller | April 29, 2012 at 1:31 AM

    Thanks for the article post.Really thank you! Much obliged.

  19. 19
    Posted by forex robot review | April 29, 2012 at 6:59 AM

    Great article.Much thanks again. Much obliged.

  20. 20
    Posted by life story books | April 29, 2012 at 9:42 PM

    Thanks for sharing, this is a fantastic blog.Really looking forward to read more. Fantastic.

  21. 21
    Posted by paid surveys | April 30, 2012 at 12:33 AM

    Muchos Gracias for your blog.Much thanks again. Want more.

  22. 22
    Posted by forex trading tips | April 30, 2012 at 7:55 AM

    Wow, great blog post. Really Great.

  23. 23
    Posted by web hosting services india | April 30, 2012 at 8:22 AM

    Thanks a lot for the blog article. Fantastic.

  24. 24
    Posted by PPI | April 30, 2012 at 9:22 AM

    Thank you for your blog.Really thank you! Keep writing.

  25. 25
    Posted by Backlinks | April 30, 2012 at 4:30 PM

    Really informative article.Thanks Again. Really Cool.

  26. 26
    Posted by party | April 30, 2012 at 5:58 PM

    Say, you got a nice article post.Really thank you! Great.

  27. 27
    Posted by rapidshare | May 2, 2012 at 3:23 AM

    A big thank you for your blog.Really looking forward to read more. Want more.

  28. 28
    Posted by Phlebotomy Training in Worland WY | May 2, 2012 at 9:39 AM

    I appreciate you sharing this blog.Really thank you! Cool.

  29. 29
    Posted by Esgic Plus | May 2, 2012 at 11:47 PM

    I value the blog post.Really thank you! Great.

  30. 30
    Posted by Montego Bay airport transfers to Negril | May 4, 2012 at 10:24 PM

    Im thankful for the blog post.Much thanks again. Really Great.

Leave a comment

You can log in with your account or comment as a guest below.

   or