GIC acquired Wall Street Building with Paramount Group

Singapore’s sovereign wealth fund GIC, and Paramount Group announced today that they have formed a 95%/5% joint venture which has acquired 60 Wall Street for USD 1.04 billion.

The acquired building, LEED Silver, 60 Wall Street is a 47-storey, 1.6 million square foot, Class A office tower in Downtown Manhattan. The property is 100% leased to, and serves as the U.S. Headquarters of, Deutsche Bank. In connection with the acquisition, the joint venture completed a USD575 million financing of the property, the firms said.

Prior to the acquisition, Paramount owned approximately 5% of the property through its ownership in certain private equity funds and managed the building. Subsequent to the acquisition, Paramount will maintain its 5% ownership interest and continue to serve as the property’s manager.

- APMR News