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Singapore Sovereign Fund, Paramount Group Buy Manhattan’s 60 Wall St For $1B

Singapore’s sovereign wealth fund, GIC Pte, and Paramount Group bought Manhattan’s 60 Wall St for $1B, or $640/SF.

The two formed a joint venture in which GIC grabbed a 95% stake in the tower while New York commercial property investment firm Paramount retained a 5% stake and will continue to manage operations. The 1.6M SF tower is within the financial district in Downtown Manhattan, and is home to Deutsche Bank AG.

Deutsche Bank tapped the tower for its U.S. headquarters in 2001, Bloomberg reports, before selling it to Paramount in a sale-leaseback deal in 2007. The lender announced plans to give the offices a facelift in November, in hopes of creating more open space for employees. Its lease ends in 2022. [Bloomberg]

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