Published On: Sun, Jul 13th, 2014

Stephen Green is Suing AIG for $20 Million

The New York Real Estate company is going after one of the largest corporations in the world over violating the terms of a lease.

Stephen Green’s SL Green Realty

Stephen Green’s SL Green Realty is suing global financial titan AI Group for $20 million over a tenancy dispute. This according to a report in The Real Deal.

The suit, filed last Thursday in New York State Supreme Court, asserts that American International Group did not properly maintain the offices that it had held at 180 Maiden Lane. The firm, which leased most of that building’s 1.1 million square feet, moved from that location in April, after being a tenant there since June 2008.

Of the $20 million sought, $17 million is just to cover the costs of replacing busways that transport supplemental electrical power.

In the court filing,  SL Green stated that AIG failed to take the “requisite good care of certain electrical installations.” And after it moved, AIG failed “to return the building and its installations to owner in the condition required by the lease.”

SL Green is also angry at AIG for installing a kitchen without authorization that the landlords must now remove and for adding new passages between the 30th and 31st floors.

In response to the accusations, AIG told The Real Deal, “We believe the claims are without merit.”

News of the suit comes just days after 180 Maiden Lane received LEED Certification by the U.S. Green Building Council. It also received a U.S. EPA Energy Star Label, giving SL Green properties 24 buildings with this rating. LEED certification is given to buildings that enhance the environmental quality within office spaces, improving employee productivity and reducing absenteeism.

It was also reported on Friday that the eleven brokerage firms that currently cover SL Green have given it an average rating of hold. This came after the company recently declared a quarterly dividend, of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 1.83%. Its stock’s 50-day moving average is $109.9.

SL Green is a fully integrated real estate investment trust, focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. Its portfolio includes more than 70 Manhattan properties and they own and operate a suburban assets in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey. The company is also Manhattan’s largest landlord of office space.

The company has a market cap of $10.424 billion and a price-to-earnings ratio of 44.87. It was founded by Stephen L. Green in 1980 and went public in 1997.

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