Shearman & Sterling represented AIG Global Real Estate Investment Corp. in connection with the sale of 100% of its interests in the joint-venture management company formerly known as AIG/Lincoln to White Star Real Estate LLC. Lincoln Property Company and AIG had co-directed the real estate ownership and management business conducted by the joint-venture from 1997 until earlier this year when AIG purchased all of Lincoln Property Company’s ownership interests in AIG/Lincoln and its real estate assets, resulting in the joint-venture acting as the manager of those assets. Shearman & Sterling also represented AIG in that transaction. Following this more recent transaction with White Star, the joint-venture management company will be re-named “White Star Real Estate LLC”. AIG, as the owner of the real estate assets, entered into a long-term asset and property management agreement with White Star.
AIG Global Real Estate, founded in 1987, comprises a group of international companies within AIG that invests in and actively manages real estate for clients and AIG member companies throughout the world.
The Shearman & Sterling team included counsel Robert Sein (New York–Real Estate) and associate Scott Johnsson (New York-Corporate).