GIC snaps up 95% stake in 60 Wall St.

The building is the US HQ of Deutsche Bank.

According to Bloomberg, GIC Pte, Singapore’s sovereign wealth fund, bought a 95 percent stake in 60 Wall St., a 47-story tower in lower Manhattan that serves as the U.S. headquarters of Deutsche Bank AG.

The deal values the 1.6 million-square-foot (148,600-square-meter) skyscraper at $1.04 billion, or about $640 a square foot, GIC and seller Paramount Group Inc. said in a joint statement. Paramount, a New York-based real estate investment trust, will retain a 5 percent stake and continue to manage the property. In connection with the deal, the joint venture completed a $575 million financing of the tower. “We believe 60 Wall St. is one of the top buildings in downtown and is poised to benefit from the ongoing downtown renaissance,” Adam Gallistel, GIC’s regional head of the Americas, said in the statement. “We are also very happy to expand our partnership with Paramount.”

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Image from Wikimedia Commons/Matthew G. Bisanz