AIG sells Japan headquarters for $1.2 billion

Embattled insurer American International Group is selling its Japanese headquarters to Nippon Life Insurance Co. for $1.2 billion in cash.
The transaction, which would be among the biggest divestitures New York-based AIG has made to reimburse the U.S. government for its massive infusion of aid, is expected to close in the second quarter.AIG has received $182.5 billion in financial support from the government since September. The company is selling off a number of business units to repay part of the loan.

The 35-year-old building is 15 stories and sits on prime real estate in central Tokyo, next to the Imperial Palace.