Bank of Ireland Group has agreed to pay £30 million for a substantial new office building to be developed for AIG, the US based international insurance organisation, in the extension to Dublin's International Financial Services Centre. The investment deal will allow the bank to avail of 100 per cent capital allowances, a concession that will not apply to future developments in the docks. It is understood that AIG will be paying significantly less than the current rent of £27.50 per sq ft in the docks under their 20 year lease. AIG plans to occupy 40,000 sq ft of the 90,000 sq ft building, and to lease the remaining space. Designed by Murray O'Laoire, the four-storey building will be located at the intersection of Guild Street and North Wall Quay, with panoramic views east to west along the River Liffey.

AIG is one of the largest underwriters of commercial and industrial insurances in the US. The company employs over 200 people in Ireland. AIG Europe (Ireland) has written non-life insurance in Ireland since 1976. Douglas Newman Good advised AIG, which is currently occupying two office building at Merrion Road, Dublin 4.