NEW YORK CITY—GIC, Singapore's sovereign wealth fund, and Paramount have formed a 95%/5% joint venture which has acquired 60 Wall St. for $1.04 billion, or approximately $640 per square foot. In connection with the acquisition, the joint venture completed a $575 million financing of the property.
The property is a 47-story, 1.6-million-square-foot, LEED Silver, Class A office tower in Lower Manhattan's financial district. The property is 100% leased to—and serves as the US headquarters of—Deutsche Bank. Prior to the acquisition, Paramount managed and owned approximately 5% of the property through its ownership in certain private equity funds. Subsequent to the acquisition, Paramount will maintain its 5% ownership interest and continue to serve as the property's manager.
“This investment reflects our long-term confidence in Downtown Manhattan which is benefitting from over $30B of recent public and private investments in infrastructure and new construction,” says Adam Gallistel, regional head of Americas, GIC. “We believe 60 Wall Street is one of the top buildings in Downtown and is poised to benefit from the ongoing downtown renaissance. We are also very happy to expand our partnership with Paramount, which is among the leading owners, operators and managers of Class A office properties in the US.”
Adds Albert Behler, chairman, CEO and president of Paramount, “We are thrilled to enter into this new joint venture with GIC, one of the preeminent owners and operators of real estate in the world. We believe GIC's commitment to 60 Wall Street is reflective of its confidence in Paramount's management team and the strength of the New York City real estate market.”
Paramount could not be reached for further comment at press time.
The property is a 47-story, 1.6-million-square-foot, LEED Silver, Class A office tower in Lower Manhattan's financial district. The property is 100% leased to—and serves as the US headquarters of—
“This investment reflects our long-term confidence in Downtown Manhattan which is benefitting from over $30B of recent public and private investments in infrastructure and new construction,” says Adam Gallistel, regional head of Americas, GIC. “We believe 60 Wall Street is one of the top buildings in Downtown and is poised to benefit from the ongoing downtown renaissance. We are also very happy to expand our partnership with Paramount, which is among the leading owners, operators and managers of Class A office properties in the US.”
Adds Albert Behler, chairman, CEO and president of Paramount, “We are thrilled to enter into this new joint venture with GIC, one of the preeminent owners and operators of real estate in the world. We believe GIC's commitment to 60 Wall Street is reflective of its confidence in Paramount's management team and the strength of the
Paramount could not be reached for further comment at press time.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
