The AIG towers in New York City. Photo: Chris Hondros/Getty Images
AIG will move its world headquarters next year from New York City's Financial District to Rockefeller Center, where it will occupy 8 floors and 325,000 square feet, the corporation announced Tuesday.
The big picture: The move to 1271 Avenue of the Americas will see the insurance giant depart the city's Financial District after more than three decades. AIG will also consolidate the rest of its footprint in the area to two new locations, including one at the Goldman Sachs Tower.
Thought bubble, via Axios business editor Jennifer Kingson: The move is a shot in the arm for New York City, which has been suffering from corporate flight amid the pandemic.
- Wealthy residents who can work from home have fled the city for the suburbs and vacation homes, turning the midtown area that AIG will occupy into a relative ghost town.
- Wall Street firms are considering leaving the city or reducing their footprint, and a new report from the Partnership for New York City says that companies “expect only 10% of their employees to return to the office this summer and just 40% by year-end,” according to Bloomberg.