Sale of Iconic Manhattan High-Rise Exceeds $1B

GIC, Singapore’s sovereign wealth fund, has acquired the majority stake in the 60 Wall St. office tower, which serves as the North American headquarters of Deutsche Bank.
60 Wall St. in NYC60 Wall St. in NYC
New York City—GIC, Singapore’s sovereign wealth fund, is the new majority owner of 60 Wall St., the 47-story building in Manhattan’s Financial District that is Deutsche Bank North American headquarters. The global investment firm paid a little over $1 billion for the 95 percent stake in the 1.6 million-square-foot office tower in a deal with Paramount Group and Morgan Stanley that values the  Class A tower at $1.1 billion, or $640 per square foot.
That’s down from the $730 per square foot the tower traded at in June 2007 when Paramount and Morgan Stanley acquired the building from Deutsche Asset & Wealth Management in a sale-leaseback deal, according to Yardi Matrix data. At that time, the two firms paid $1.2 billion for the building with Paramount owning 62.3 percent and Morgan Stanley taking a 37.7 percent share. The announcement this week noted that Paramount most recently “managed and owned approximately 5 percent of the property through its ownership in certain private equity funds.”…
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