|AIG TO DEVELOP DUBLIN DOCKLANDS OFFICE BUILDING|
NEW YORK, May 28 1998 - American International Group, Inc. (AIG) has announced that its member companies AIG Global Real Estate Investment Group and AIG Global Investment Group, Inc. (AIGGIG) have entered into a joint development agreement with the Dublin Docklands Development Authority for a 70,000 square foot office building within the International Financial Services Centre (IFSC) area of Dublin. AIGGIG will locate its Dublin investment operations to the project at completion, scheduled for late 1999.|
Bank of Ireland Group will purchase the property on its completion and subsequently lease it to AIGGIG. It is intended that AIGGIG will occupy 40,000 square feet of the property. The remaining portion will be leased to third party companies.
Designed by Murray O. Laoire Associates for the needs of modern office users, the four storey project will be located at the intersection of Guild Street and North Wall Quay with panoramic views east to west along the River Liffey.
AIG is the leading U.S.-based international insurance organization and among the largest underwriters of commercial and industrial insurance in the United States. Its member companies write property, casualty, marine, life and financial services insurance in approximately 130 countries and jurisdictions, and are engaged in a range of financial services businesses. American International Group, Inc.'s common stock is listed on the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.
AIGGIG through its subsidiaries and affiliates provides a range of investment services, including fund management and administration, trust/custody services, investment administration and worldwide securities lending administration. AIG companies employ over 200 people in Ireland and AIG Europe (Ireland) Ltd. has written non-life insurance in Ireland since 1976.