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AIG Sells Tokyo Property

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Nippon Life Insurance Company has paid the equivalent of $1.2 billion to buy American International Group Inc.’s office building in Tokyo.

In addition to the AIG Otemachi Building, the deal includes an acre of land that overlooks the inner moat of the Imperial Palace.

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AIG, New York, announced the deal earlier this month.

“We are pleased to complete the sale in less than 30 days after reaching an agreement on this transaction,” AIG Chairman Edward Liddy says in a statement. “Despite a very challenging global real estate environment, AIG was able to realize an attractive price for this prized property.”