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Paramount Group, GIC JV acquires Deutsche Bank NY HQ for $1.04B

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Paramount Group, GIC JV acquires Deutsche Bank NY HQ for $1.04B

Paramount Group Inc. entered into a 5%/95% joint venture with Singapore sovereign wealth fund GIC to acquire the U.S. headquarters of Deutsche Bank in downtown Manhattan, N.Y., for $1.04 billion.

60 Wall St. is a 47-story class A office tower encompassing 1.6 million square feet. It is fully leased to Deutsche Bank.

Paramount noted in a release that the joint venture closed on a $575 million financing of the property. Paramount previously owned a 5% interest in the property, which it will maintain, and served as the property manager, a role it will continue to fill following the acquisition.