AIG Says Water Street Office Damaged by Sandy to Reopen

American International Group Inc. (AIG), the insurer displaced from its Manhattan headquarters by superstorm Sandy last month, said a separate building it owns at 175 Water Street will return to service on Nov. 19.

The headquarters, at 180 Maiden Lane, is expected to reopen “within weeks,” the New York-based insurer said today in a memo to employees.

Superstorm Sandy, which made landfall Oct. 29, lashed New York and New Jersey and closed down about a third of lower Manhattan office space for at least a week, forcing employees to work from home or other locations. AIG’s global property- casualty unit is based at 175 Water St., and the tower holds about 1,500 employees, said Matt Gallagher, an AIG spokesman.

“AIG’s buildings in New York City that were affected by Hurricane Sandy are making great progress and will soon begin to reopen,” the insurer said in the memo. “180 Maiden, 80 Pine, 32 Old Slip and 1 NY Plaza are also making progress.”

The building at 180 Maiden Lane is co-owned by SL Green Realty Corp. (SLG) and closely held Moinian Group. It suffered heavy flooding from the storm, SL Green said last month.

To contact the reporter on this story: Zachary Tracer in New York at ztracer1@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

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