January 26, 2017
GIC Private acquired a 95% stake in 60 Wall Street, investing $1.04 billion in the 1.6-million-square-foot lower Manhattan building. Paramount Group will own the remaining 5%. The purchase also gives GIC Morgan Stanley Real Estate Investing’s (MSREI) 37.7% stake, which it owned in partnership with Paramount Group. MSREI originally acquired its stake in 2007, through its Special Situations Fund III.
60 Wall Street is home to Deutsche Bank’s U.S. headquarters. The site was originally acquired for development in 1984 by J.P. Morgan for $600 million. When the tower was constructed, it sold to Deutsche Bank for $611.7 million In 2007, Deutsche Bank did a sale-leaseback to MSREI and Paramount for $1.2 billion.
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