GIC, Paramount Group buy 60 Wall Street for $1.04 bln

GIC and Paramount Group Inc said Jan. 24 that they have formed a joint venture which has acquired 60 Wall Street for $1.04 billion or about $640 per square foot. The joint venture completed a $575 million financing of the property. The property, 60 Wall Street, is a 47-story, 1.6 million square foot office tower in the Financial District of Downtown Manhattan. It is 100 percent leased and serves as the U.S. headquarters of Deutsche Bank. In the joint venture, Paramount will own 5 percent of the property and will continue to serve as the property’s manager. GIC will have 95 percent.

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