Singapore Wealth Fund Buys Wall Street Towerby
The deal values the 1.6 million-square-foot (148,600-square-meter) skyscraper at $1.04 billion, or about $640 a square foot, GIC and seller Paramount Group Inc. said in a joint statement. Paramount, a New York-based real estate investment trust, will retain a 5 percent stake and continue to manage the property. In connection with the deal, the joint venture completed a $575 million financing of the tower.
“We believe 60 Wall St. is one of the top buildings in downtown and is poised to benefit from the ongoing downtown renaissance,” Adam Gallistel, GIC’s regional head of the Americas, said in the statement. “We are also very happy to expand our partnership with Paramount.”
In November, Deutsche Bank said it planned to overhaul its offices at the tower, which it bought in 2001, then sold to Paramount in 2007 and leased back. The renovations were designed to open up spaces and encourage collaboration and socializing, according to a memo by the bank’s chief operating officer for the Americas. The bank’s lease of the building expires in 2022.