GIC buys NYC office for $1b

GIC, Singapore’s sovereign wealth fund, and Paramount Group have formed a 95/5 joint venture to acquire the office at 60 Wall St. in Manhattan for $1.04 billion.

60 Wall St. is a 47-story, 1.6 million-square-foot, LEED Silver, class A office tower in the Financial District of Downtown Manhattan.  The property is 100 percent leased to, and serves as the U.S. Headquarters of, Deutsche Bank.  Prior to the acquisition, Paramount managed and owned approximately 5 percent of the property through its ownership in certain private equity funds. Subsequent to the acquisition, Paramount will maintain its 5 percent ownership interest and continue to serve as the property’s manager.

The United States was ranked No. 1 as the most stable and secure country for real estate investment for foreign investors, according to the