GIC closes on 95% stake in 60 Wall in $1.1B deal

Singaporean fund scored $575M loan to buy majority of Deutsche's HQ

New York /
Jan.January 24, 2017 03:50 PM

UPDATED, 10:14 a.m., Jan. 25: Singaporean sovereign wealth fund GIC closed Tuesday on the purchase of a 95 percent stake in the 50-story office tower at 60 Wall Street from Paramount Group and Morgan Stanley, sources told The Real Deal.

The deal, which values the Deutsche Bank headquarters at $1.1 billion, marks 2017’s first sale involving a billion-dollar trophy office tower in the city.

The price of the majority stake was $1.04 billion. As a result of the deal, Paramount will retain a 5 percent stake and Morgan Stanley was bought out, Paramount confirmed.

Aareal Capital provided a $575 million acquisition loan, Commercial Mortgage Alert reported. The previous loan on the property was a $925 million mortgage that Deutsche Bank TRData LogoTINY provided for Paramount and Morgan Stanley in 2007, property records show.

GIC, which owns a piece of the Time Warner Center, entered contract in November.

HFF’s Andrew Scandalios, who brokered the deal, declined to comment. Representatives for Morgan Stanley and GIC did not immediately respond to requests for comment.

Deutsche Bank leases the 1.6 million-square-foot property as part of a 2007 sale-leaseback deal with Paramount and Morgan Stanley. There are about six years remaining on the bank’s lease. The 50-story tower was built in 1988 for JPMorgan and sold in 2001 for $610 million as part of the bank’s merger with Chase Manhattan.

There are several trophy buildings on the market at the moment – either a partial or full stake. Those include One Worldwide Plaza, 245 Park Avenue and a stake in Brookfield Place.


Related Articles

arrow_forward_ios
Paramount Group's Albert Behler and 1301 Sixth Avenue (Getty, Paramount Group, Americasroof at English Wikipedia/CC BY-SA 3.0/via Wikimedia Commons)
Law firm takes 142K sf at Paramount’s 1301 Sixth Ave
Law firm takes 142K sf at Paramount’s 1301 Sixth Ave
Spiros and Antonia Milonas with the Briarcliff (Getty, Zillow)
Morgan Stanley wades into Milonas condo feud
Morgan Stanley wades into Milonas condo feud
Thor Equities' Joe Sitt and the retail condo at the base of 700 8th Avenue (Thor Equities, Google Maps)
Joe Sitt loses West Side retail space to foreclosure
Joe Sitt loses West Side retail space to foreclosure
Paramount Group chairman Albert Behler (Getty Images, iStock)
Paramount CEO rode stock price dip to a raise
Paramount CEO rode stock price dip to a raise
Albert Behler, chairman, Paramount Group (Getty Images, iStock/Illustration by Steven Dilakian for The Real Deal)
Paramount rejects all-cash takeover bid
Paramount rejects all-cash takeover bid
Paramount investor cast all-cash bid for REIT
Paramount investor cast all-cash bid for REIT
Paramount investor cast all-cash bid for REIT
From left: Aaron Yang, vice president, Din Tai Fung; Albert Yang, vice president, Din Tai Fung (Din Tai Fung, LoopNet, iStock/Illustration by Steven Dilakian for The Real Deal)
Paramount’s 1633 Broadway set for famed Taiwanese chain’s first East Coast outpost
Paramount’s 1633 Broadway set for famed Taiwanese chain’s first East Coast outpost
Albert Behler, ceo, REIT Paramount Group (Getty Images, Douglas Elliman)
Paramount Group CEO gets $12M for Upper East Side duplex
Paramount Group CEO gets $12M for Upper East Side duplex
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...